[[{"content_id":"101416","domain_id":"0","lang_id":"en","portal_id":"2","owner_id":"29","user_id":"1","view_accesslevel_id":"0","edit_accesslevel_id":"0","delete_accesslevel_id":"0","editor_id":"0","content_title":"Bank of Israel report to show growth slowdown","content_number":"0","content_date_event":"2008-03-25 09:32:00","content_summary":"","content_summary_fill":"0","content_body":" \r\nThe ongoing global financial crisis will cut the growth rate by half a percentage point.\r\n \r\nA Bank of Israel report due to be published in two weeks is expected to show that the Israeli economy is downshifting and that the rate of growth is slowing. \r\nThe Bank of Israel will update its forecasts to show 3-3.3 percent GDP growth. This will be the slowest growth rate since 2003. The economy grew by 5.3 percent in 2007. \r\n \r\nPrevious Bank of Israel figures forecast rates of between 3.6 percent and 4.4 percent. The US sub-prime crisis, which broke out last August, is expected to shave 0.8 percentage points from the Bank of Israel's optimistic growth rate scenario for this year. The ongoing global financial crisis will cut growth by an additional half percentage point. \r\n \r\nBank of Israel figures show that a 10 percent drop in Tel Aviv Stock Exchange (TASE) indices corresponds to a fall in growth of 0.1 percentage points. \r\n \r\nGovernor of the Bank of Israel Prof. Stanley Fischer announced another interest rate cut of up to 50 basis points for April. The Bank of Israel's monetary committee is already meeting on the interest rate decision. An interest rate cut is all but certain, given the inflationary environment, last week's interest rate cut by the US Federal Reserve Board, the low shekel-dollar exchange rate, the interest rate gap with the dollar in favor of the shekel, and Israel's slowing growth rate. The only question is by how much will Fischer cut the interest rate: 25 basis points or 50 basis points. \r\n \r\n ","content_html":"

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The ongoing global financial crisis will cut the growth rate by half a percentage point.<\/o:p><\/font><\/font><\/span><\/p>\r\n

 <\/font><\/o:p><\/span><\/p>\r\n

A Bank of Israel report due to be published in two weeks is expected to show that the Israeli economy is downshifting and that the rate of growth is slowing. <\/o:p><\/font><\/font><\/span><\/p>\r\n

The Bank of Israel will update its forecasts to show 3-3.3 percent GDP growth. This will be the slowest growth rate since 2003. The economy grew by 5.3 percent in 2007. <\/span><\/o:p><\/span><\/font><\/font><\/p>\r\n

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Previous Bank of Israel<\/st1:country-region><\/st1:place> figures forecast rates of between 3.6 percent and 4.4 percent. The US<\/st1:country-region><\/st1:place> sub-prime crisis, which broke out last August, is expected to shave 0.8 percentage points from the Bank of Israel's optimistic growth rate scenario for this year. The ongoing global financial crisis will cut growth by an additional half percentage point. <\/span><\/o:p><\/span><\/font><\/font><\/p>\r\n

 <\/font><\/o:p><\/span><\/p>\r\n

Bank of Israel<\/st1:country-region><\/st1:place> figures show that a 10 percent drop in Tel Aviv Stock Exchange (TASE) indices corresponds to a fall in growth of 0.1 percentage points. <\/span><\/o:p><\/span><\/font><\/font><\/p>\r\n

 <\/font><\/o:p><\/span><\/p>\r\n

Governor of the Bank of Israel<\/st1:country-region><\/st1:place> Prof. Stanley Fischer announced another interest rate cut of up to 50 basis points for April. The Bank of Israel's monetary committee is already meeting on the interest rate decision. An interest rate cut is all but certain, given the inflationary environment, last week's interest rate cut by the US Federal Reserve Board, the low shekel-dollar exchange rate, the interest rate gap with the dollar in favor of the shekel, and Israel<\/st1:place><\/st1:country-region>'s slowing growth rate. The only question is by how much will Fischer cut the interest rate: 25 basis points or 50 basis points. <\/span><\/o:p><\/span><\/font><\/font><\/p>\r\n

 <\/font><\/o:p><\/span><\/p>\r\n

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