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OECD Report: Israeli Economy Rapidly Recovering from Pandemic

December 2, 2021
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New Israeli shekel (NIS)

Thursday, 2 December 2021 | Israel’s economy is making a rapid recovery from the coronavirus pandemic, a new report by the Organization for Economic Cooperation and Development (OECD) has stated.

According to Army Radio, the report said that Israel’s GDP will rise by 6.3% in 2021 and is forecasted to rise by around 5% in 2022.

Exports have risen by more than 11%, despite the strengthening shekel and decrease in world trade, said the report, as quoted by Army Radio.

According to the assessment, inflation in Israel will stand at 2% in 2022 and 1.4% in 2023.

According to the Israeli Finance Ministry’s own estimates, Israel’s economy will likely grow by 7.1% by the end of this year and 4.7% in 2022, Reuters reported in November.

In 2019, prior to the outbreak of the pandemic, the economy grew by 3.8%.

During the past two years, the state paid 40 billion shekels (nearly [US $13 billion]) in grants to hundreds of thousands of businesses and self-employed citizens.

In October 2020, the Israel Employment Service recorded almost a million unemployed citizens, approximately half of whom went on unpaid leave.

Posted on December 2, 2021

Source: (This article was originally published by the Jewish News Syndicate on December 1, 2021. Time-related language has been modified to reflect our publication today. See original article at this link.)

Photo Credit: Yuvalf123/commons.wikimedia.org/JNS.org

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