OECD Sees Israel Economy Grow 2.3% in 2021, Below Global Average

The OECD is projecting Israel’s economy will grow a mere 2.3% in 2021, below the global average, after contracting 4.2% this year, as increased unemployment and a likely rise in insolvencies after a second national lockdown “will weigh” on economic recovery.

“The projections assume a more gradual exit from the second lockdown compared to the first one,” the OECD said in its December 2020 Economic Outlook report published Tuesday. “GDP will recover only modestly by 2.3% in 2021 before expanding by 4.2% in 2022 as an effective vaccine is rolled out. High uncertainty, increasing unemployment in the near term, and a likely rise in insolvencies once government support is withdrawn will weigh on consumer demand and investment.”

The OECD forecasts world GDP to contract by 4.2% this year, with a 7.2 percent drop for the Euro area and a 3.8% decline for G20 nations. GDP in the US is expected to contract by 3.7% and in the UK by 11.2%. (TOI / VFI News)

“God, we ask that you help those in Israel recover quickly—with health and economic growth—before more people have to suffer.”