Bank of Israel governor: "We are still in an environment of great uncertainty."
Israel's aggressive policy-tightening cycle has sparked anger among its citizens as mortgage, loan payments and the cost of living have soared, with inflation staying around 5%.
The first estimate had shown GDP stagnating in the first quarter and Germany skirting a recession. However, it contracted following a contraction in 2022.
A series of Israeli companies and importers have announced significant price hikes in recent weeks.
A cost-of-living crisis sparked by Erdogan's unorthodox economic program over the past 1-1/2 years has eroded his popularity
Iran expert Beni Sabti said that high prices and inflation are forcing Iranians to sell their organs and sometimes even their children.
Pakistan's inflation rate jumped to 35.4% in March 2023—the highest it has been in almost 50 years.
If Israel's credit rating drops, Israel can expect a higher interest rate on short-term loans and inflation.
When strict sanctions were imposed on Russia at the start of its invasion of Ukraine, the Russian economy was expected to plunge by some 10-15% during 2022.
The inflation number was the highest ever year-on-year increase recorded by the statistics bureau since monthly records began in the 1970s.
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