Israel’s war-ravaged economy saw the slowest growth of any OECD country between April and June.
Of the 38 member countries in the Organisation for Economic Co-operation and Development (OECD) Israel experienced the most pronounced slowdown, from 4.1% in the first three months of the year to 0.3% in the second quarter.
The OECD’s GDP grew 0.4% between April and June, and the US’s GDP rose from 0.4% in the first quarter to 0.7% in the second quarter.
Given the ongoing war, the OECD decreased its growth forecast for Israel to 1.9% from 3.3% but predicts an increase to 4.6% in 2025.
The Bank of Israel reduced the level of growth it expects to see by the end of 2024 to 1.5%, and the Finance Ministry projects 1.9%.
