The IMF has cut Israel's GDP growth forecast. The IMF sees Israel's economy growing by 3.1% both this year and next year having previously predicted that growth would be 3.3% in both 2019 and 2020, Trend with reference to Globes reports.
This is the second time this year that the IMF has cut Israel's growth forecast for 2019, having lowered it from 3.5% to 3.3% in April. However, the IMF sees Israeli unemployment remaining low at 4%.
The main reason for the cut is a global slowdown. The IMF has also cut its forecast for global growth from 3.2% this year to 3% - the lowest global growth figure since 2008.
Earlier this month the Bank of Israel cut its 2020 growth forecast from 3.5% to 3%.