Israel: Staff Report for the 2002 Article IV Consultation
Volume/Issue:
Volume 2003
Issue 075
Publication date: March 2003
ISBN: 9781451819489
$20.00
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Inflation , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , finance minister , government , staff appraisal , deficit , GDP ratio , deficit target , expenditure adjustment , Real interest rates , Inflation , Global
Summary
This 2002 Article IV Consultation highlights that the Israeli economy is in the midst of a deep recession. Waning exports and investment, combined with stagnant private consumption, led to negative growth in 2001 and 2002. The stagnation can be attributed to the burst of the technology bubble, the global slowdown, and the deterioration in the security situation. Recently, some indicators suggested that economic activity is stabilizing, but there are no signs of recovery in sight. On the structural front, the government has pushed forward a broad-based tax reform and introduced some labor market reform measures.
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