From Globes: Governor of the Bank of Israel Amir Yaron sees the coronavirus crisis resulting in negative growth of 5% in 2020, and a return to low unemployment by the end of 2021. The following is an extract from an extended personal interview with Governor of the Bank of Israel Amir Yaron published in “Globes” weekend magazine “G”.
“We realized very early on, in late December-early January, that an unprecedented event was unfolding, and we began analyzing its implications. At that point, it was hard to predict the scale it would reach, but we had all kinds of scenarios for its force and depth. Today we see that it is taking China a long time to emerge from this, so the potential damage is great, although we can already state that as far as the stability of the banks is concerned the blow will not be severe.
