The Organisation for Economic Co-operation and Development (OECD) said yesterday it expected that the Israeli economy is to retreat steadily in 2019 from 3.6 to 3.5 per cent and to 3.3 per cent in 2020, Al-Wattan Voice reported.
The report said that the OECD had changed its expectations from May, which estimated that the Israeli economy was to rise to 3.7 per cent this year and to retreat to 3.6 in 2019. However, Israeli economic growth declined to 3.5 per cent in 2017 from four per cent in 2016.
According to OECD, the current retreat in the Israeli economy refers to the slow growth of the global trade. The financial deficit in the Israeli budget in 2019 is expected to reach 3.2 per cent of GDP.
OECD issues its expectations four times a year. In its May report, the organisation said it expected unemployment to decrease in Israel and more economic growth, noting that if the geopolitical tensions in the region intensify, its forecasts may be shelved.