JPMorgan Chase & Co forecasts that Israel's economy could shrink 11% in the fourth quarter of 2022 amid an escalating war with Palestinian Hamas.
As Bloomberg reports with reference to JPMorgan, the previous estimates of the Central Bureau of Statistics of Israel recorded the growth of the economy by 5.8% in 2022 and by 6.5% for the whole last year.
Experts expect Israel's GDP to grow by 2.5% in 2023 and 2% in 2024, but analysts point to a possible downside risk.
The agency also notes that assessing the impact of the war on Israel's economy remains difficult due to uncertainties about the scale and duration of the conflict, as well as a lack of accurate data.
Earlier we told you how the Middle East conflict affects the economy of Russia and the world.