Israel suffers biggest economic slowdown among OECD countries

Israel suffered the biggest economic slowdown between April and June among the 38 countries in the Organisation for Economic Co-operation and Development (OECD).

The OECD said in a report that Israel's growth fell from 4.1 percent in the first quarter of 2024 to 0.3 percent in the second quarter. 

In May, the OECD cut its growth forecast for the Israeli economy for 2024 to 1.9 percent, down from 3.3 percent. It projects 4.6 percent for next year.

Meanwhile, the Bank of Israel cut its 2024 forecast to 1.5 percent, while the finance ministry forecast annual growth of 1.9 percent.