Israel suffers biggest economic slowdown among OECD countries
Israel suffered the biggest economic slowdown between April and June among the 38 countries in the Organisation for Economic Co-operation and Development (OECD).
The OECD said in a report that Israel's growth fell from 4.1 percent in the first quarter of 2024 to 0.3 percent in the second quarter.
In May, the OECD cut its growth forecast for the Israeli economy for 2024 to 1.9 percent, down from 3.3 percent. It projects 4.6 percent for next year.
The organization warned that the ongoing genocidal war on Gaza has deeply hit the Israeli economy forcing the government to deal with ballooning war-related costs and expenditure.
Meanwhile, the Bank of Israel cut its 2024 forecast to 1.5 percent, while the finance ministry forecast annual growth of 1.9 percent.
