The International Monetary Fund on Tuesday raised Israel’s economic outlook for this year and next as it raised its forecast for global growth.
Israeli gross domestic product will expand 3.1% this year and 3.4% in 2018, the IMF said in its World Economic Outlook. That marks a slowdown from last year’s 4% rate but higher than its previous estimates of 2.9% and 3% for 2017 and 2018, respectively, made in July.
The IMF upgraded its global economic growth forecast for 2017 by 0.1 percentage point to 3.6% and to 3.7% for 2018, driven by a pickup in trade, investment and consumer confidence. Forecasts for eurozone, Japan, China, emerging markets and Russia were all revised upwards.
The IMF said Israeli consumer prices would climb 0.2% this year after falling 0.5% in 2016. Unemployment will fall to 4.3% in 2017 and rise to 4.5% in 2018, it said.
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