The International Monetary Fund (IMF) has issued a gloomier forecast for the Israeli economy than the Bank of Israel. The IMF sees Israel's economy contracting by 6.3% in 2020 due to the impact of the global coronavirus pandemic and not returning to its current level until 2022.
Earlier this month, the Bank of Israel Research Department published a forecast that predicted that the economy would contract by 5.3% in 2020 but that this would be more than compensated by 8.7% growth in 2021. The Bank of Israel's forecast is based on the economy returning to full operations by June.
