BREAKING NEWS

Finance Ministry raises GDP forecast to 3.5% growth, up from 3.2%

JUNE 10, 2018 15:47

Finance Minister Moshe Kahlon announced on Sunday that Israel's economy was expected to grow some 3.5% in 2018, up from a previous government forecast of 3.2% and significantly outpacing both the United States and the euro-zone.

Speaking at the cabinet meeting in Jerusalem on Sunday morning, Kahlon said that the revised growth figures indicated that government reforms, including corporate tax cuts, were trickling down to the rest of the economy.

"We want investments and we're encouraging investments," Kahlon said. "The second thing is that [our] reforms are causing this growth."

Kahlon added, in light of the growing budget deficit: "We are not going to give in to pressure to raise taxes. Taxes are bad for everyone, for companies and for society."

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