JPMorgan cuts Israel 2024 GDP growth forecast to 0.5% from 1%
9:47 am Friday, November 08th, 2024
NEW YORK (Reuters) – JPMorgan lowered its Israel GDP growth forecast for 2024 to 0.5% from 1%, and also cut its growth estimate for next year to 3.3% from 3.7%, the Wall Street bank said on Friday.
“As the security situation remains challenging following the opening of the northern front, we have lowered our forecast of 4Q GDP to 2.0% from 2.5%,” the bank said, noting that it also revised lower third-quarter growth.
Israel and Lebanon’s Iran-backed Hezbollah have exchanged fire for more than a year, alongside the war in Gaza, but escalation since late September has seen Israeli troops intensifying bombing of Lebanon’s south and east and making ground incursions into border villages.
Israel’s 2025 GDP growth forecast was also cut, to 3.3% from 3.7%.
(Reporting by Rodrigo Campos)
