Finance Minister Ronnie Bar-On: The challenges facing the Israeli economy from the global crisis are many.
Sources inform ''Globes'' that Development Corporation for Israel/State of Israel Bonds raised NIS 500 million at its opening bond drive in 2009 at Boca Raton, Florida. Minister of Finance Ronnie Bar-On attended the event.
Commenting on the Bank of Israel's new negative growth forecast for 2009, Bar-On said, "The challenges facing the Israeli from the global crisis are many, and there is no doubt that Israel faces a significant slowing in its growth rate."
In yesterday's bombshell, the Bank of Israel slashed its 2009 growth forecast from 1.5% to minus 0.2%. This is the third time that the central bank has cut its growth forecast for 2009; just two months ago it cut the forecast from 2.7% to 1.5%. The Bank of Israel has laid the groundwork for an aggressive interest rate cut, and officially admits for the first time that Israeli will be recession this year.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2009
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