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Pandemic-Battered Israeli Economy Contracts 2.4% in 2020

The Israeli economy shrank by 2.4 percent in 2020 due to the coronavirus pandemic, figures released by the Central Bureau of Statistics Tuesday showed.

The figures represent the first contraction of the economy over a year since a marginal drop in 2002, as increased unemployment and a likely rise in insolvencies after the latest national lockdown weighs on economic recovery.

But the data is nonetheless better than expected, with economic officials having predicted a contraction of at least 3.3%-4.6%. And it was far better than the 5.5% average contraction in OECD countries last year. (TOI / VFI News)

“God, we ask that you bring rejuvenation to the Israeli economy as soon as possible.”