JERUSALEM, Oct. 22 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday lowered Israel's 2024 growth forecast by more than half to 0.7 percent, compared to the previous projection of 1.6 percent given in April.
The figure, included in the IMF's newly-released World Economic Outlook report, is also much lower than Israel's 2024 growth forecast made by the institution in early October last year, which was 3 percent.
According to the report, Israel's 2025 growth forecast was cut to 2.7 percent from 5.4 percent.
Meanwhile, the IMF raised Israel's 2024 inflation forecast to 3.1 percent from 2.4 percent, exceeding the upper limit of the Israeli government's target range of 1-3 percent. The institution also raised Israel's 2025 inflation forecast to 3 percent from 2.5 percent.
Projections for Israel are subject to significant risks given the unpredictability of the impact of the conflicts in the region, the report noted.
