Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local sources in Syria: Violent clashes between public security forces and unidentified gunmen in the city of Manbij in the Aleppo countryside.
Russian Ministry of Defense: Air defenses destroyed and intercepted 112 Ukrainian drones in three hours, most of them over the central and southern regions.
Lebanese Health Ministry: One person martyred due to an Israeli drone strike on Yater in southern Lebanon's Bin Jbeil district.
Al Mayadeen's correspondent in Gaza: Some of the aid distributed by the US relief organization was stolen from international aid that was prevented from entering.
YAF spokesperson, Yahya Saree: We targeted Ben Gurion Airport and another site in occupied Yaffa with two ballistic missiles
Al Mayadeen's correspondent: Israeli artillery shelling targets several homes in the vicinity of Abu Hawa in Abasan al-Kabira, east of Khan Younis, in the southern Gaza Strip
Palestinian Red Crescent: A young Palestinian man succumbed to his wounds after being shot by IOF in Nablus
Gaza Ministry of Health: 13 martyrs reported in Israeli raids on the Gaza Strip since dawn
Al-Qassam Brigades: Our fighters targeted a Zionist infantry force with an anti-personnel missile in the al-Atatra area of ​​Beit Lahia, north of the Gaza Strip
Naim: The essence of Witkoff's proposal includes reaching a cessation of hostilities, withdrawing enemy forces, and establishing a permanent ceasefire.

IMF cuts 'Israel's' 2024 growth forecast by over half

  • By Al Mayadeen English
  • Source: News website
  • 23 Oct 2024 09:02
  • 1 Shares
4 Min Read

The IMF also increases "Israel's" inflation forecast for 2024 to 3.1%, up from 2.4%, surpassing the Israeli government's target range of 1-3%.

Listen
  • x
  •  logo of the International Monetary Fund is visible on its building, in Washington on April 5, 2021. (AP)
    The logo of the International Monetary Fund is visible on its building, in Washington on April 5, 2021. (AP)

The International Monetary Fund (IMF) on Tuesday cut "Israel's" growth forecast for 2024 from 1.6% in April to 0.7%. This new estimate, included in the IMF's latest World Economic Outlook report, is also much lower than the 3% projection made in early October last year.

"Israel's" 2025 growth forecast was cut to 2.7% from 5.4%, according to the report. 

The IMF also increased "Israel's" inflation forecast for 2024 to 3.1%, up from 2.4%, surpassing the Israeli government's target range of 1-3%. Additionally, the 2025 inflation forecast was raised to 3% from 2.5%.

The report cautioned that projections for "Israel" are fraught with uncertainty, largely stemming from the unpredictable ramifications of the ongoing regional escalations.

A report last week revealed that "Israel" lowered second-quarter growth as the ongoing war on Gaza and Lebanon continues to weigh heavily on the occupation's economy than originally estimated.

Gross domestic product increased by an annualized 0.3% in seasonally adjusted terms in the three months through June, according to the Central Bureau of Statistics' third and final review, published on October 15. The previous two estimates released in August and last month indicated growth rates of 1.2% and 0.7% respectively.

Compared to 8.2% in the earlier forecast, the amount was reduced mostly owing to a shift in government consumption, which is now up 5.3% for the second quarter.

Related News

Ecuador's Noboa begins term facing IMF backlash, rising doubts

Lebanon aims for initial IMF agreement within months: Bloomberg

The Finance Ministry and Central Bank recently reduced "Israel's" estimated annual GDP growth rate for 2024 to 1.1% and 0.5%, respectively. S&P Global Ratings predicts a 0% growth rate, according to a recent announcement, and has downgraded "Israel's" credit rating to A by one notch.

Exports, excluding diamonds and startup enterprises, fell for the third quarter in a row, contributing significantly to the downturn. Fixed-asset investments have stalled and are now forecast to be somewhat lower than originally projected.

The construction downturn has contributed significantly to the decline in fixed investments. The sector depends on Palestinian laborers from the West Bank, who have been prevented from entering occupied territories since the war began.

War is costing Israeli economy over $66.6 billion: Smotrich

Earlier this month, Israeli Finance Minister Bezalel Smotrich acknowledged that the ongoing "war is the longest and most expensive war in Israel’s history", with direct costs amounting to approximately 250 billion shekels ($66.6 billion) so far.

He further emphasized that this figure is likely to increase, stating, "We will all feel the need to finance this war, and it will not be easy for us."

Meanwhile, Gad Lior, a journalist for Ynet News, offered a sharp critique of Smotrich's presentation of the economic situation during an interview with Ynet Studio on October 9. He argued that Smotrich's analysis lacked a solid grasp of economic principles and failed to acknowledge the prevailing realities affecting the Israeli economy. 

Lior highlighted Smotrich's characterization of Moody's report as "weak and absurd," stating that "economists in London will not lecture us." He warned that such remarks could encourage credit rating agencies to continue downgrading "Israel's" rating and pointed out that Smotrich's information about the headquarters of Moody's and its management was incorrect.

In this context, he noted that there is a consensus among economists, both in "Israel" and globally, that the Israeli economy has not been managed responsibly over the past year.  

  • International Monetary Fund
  • Israel
  • IMF
  • Israeli occupation
War on Gaza

War on Gaza

Most Read

US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
Rep. Randy Fine, R-Palm Bay, answers a question about his House Bill 3-C: Independent Special Districts in the House of Representatives April 20, 2022, at the Capitol in Tallahassee, Florida (AP/Phil Sears)

GOP lawmaker says Gaza needs same end as WWII Japan, with nukes

  • MENA
  • 23 May 2025
Iran advisor reveals details of US-Iran nuclear talks to Al Mayadeen

Iran advisor reveals details of US-Iran nuclear talks: Al Mayadeen

  • MENA
  • 24 May 2025
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025

Coverage

All
War on Gaza

Read Next

All
Delegates arrive at the Omani Embassy in Rome after a closed-door meeting between Iranian and US delegations to discuss Tehran's rapidly advancing nuclear program, Friday, May 23, 2025 (AP)
Politics

US, Iran agree to meet, hold talks as they remain 'constructive'

AP
Politics

Medvedev warns of WWIII in blunt response to Trump's Putin remarks

President Donald Trump speaks during the 157th National Memorial Day Observance at Arlington National Cemetery, Monday, May 26, 2025, in Arlington, Virginia (AP)
Politics

Trump warns Netanyahu not to derail Iran nuclear talks: Axios

Palestinians heading to receive food and humanitarian aid packages from the Gaza Humanitarian Foundation, a US-backed group, in Rafah, southern Gaza Strip on Tuesday, May 27, 2025 (AP)
Politics

US aid site collapses in Gaza amid mismanagement, Israeli gunfire

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS