International Monetary Fund logo
IMF's projections for Israeli market in 2009 grim
International Monetary Fund publishes report echoing negative market growth predictions published by Bank of Israel; says Israeli market to see 0.2% slump
The International Monetary Fund (IMF) intends to publish a bleak projection for the Israeli economy, predicting it would see a negative growth rate of 0.2%. The Bank of Israel recently published similar projections.
The projections are based on a report filed by an IMF mission who visited Israel at the end of 2008. The financial crisis sweeping the United States and Europe, it said, "Is likely to translate into a period of financial weakness and major risks for Israel."
The International Monetary Fund revised its projections for world market growth in 2009 just last week, slashing it from 2.2% to 0.5%. The IMF also predicts world trade to slip from the initial projection of a 2% growth to a 2.8% drop.
The IMF report carries international significance, since it is distributed to all the major financial institutions and bodies worldwide, the report also affects credit ratings and Israeli bonds' value.
