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OECD boosts its growth forecast for Israel: 3.4% in 2015, 3.5% in 2016.

According to a new forecast for the Israeli economy, unemployment will remains low
08.06.15 / 10:06
OECD boosts its growth forecast for Israel: 3.4% in 2015, 3.5% in 2016.
08.06.15
OECD boosts its growth forecast for Israel: 3.4% in 2015, 3.5% in 2016.

The Organization for Economic Cooperation and Development (OECD), said last week that the Israeli economy will grow by 3.4% this year and 3.5% in 2016 , raising its forecast sharply from the 3% it had previously estimated for the country.

 

According to a new forecast for the Israeli economy, unemployment will remains low. The organization's economists also noted that the low oil prices, combined with the interest rate cuts and the increase in the minimum wage were likely to boost domestic demand, while the gradual improvement in the global economy will probably increase Israel's exports.

 

The OECD economists also said that Israel should continue its policy of reducing its national debt in order to provide more room for fiscal maneuvering, but that this policy should be based more on increasing revenues, rather than cut spending.

 

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