Israel: 2010 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, January 24, 2011
Source details
- Canonical URL
- Israel: 2010 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion
Other formats
Bibliographic details
- Published: January 24, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213832.002
Overview and Key Findings
- Israel was mildly affected by the global recession.
- Following a slowdown in 2009, output is projected to grow by some 4 percent in 2010, led by consumption and exports.
- Robust fundamentals—including sustained pre-crisis fiscal consolidation—and a swift monetary and fiscal policy response to the external downturn allowed Israel to pass through the global recession relatively unscathed.
- The resilience of the economy has been strengthened by the adoption of new fiscal rules capping spending and deficits.
Macroeconomic and Financial Themes
- Growth and output:
- Slowdown in 2009.
- Output projected to grow by some 4 percent in 2010, with drivers identified as consumption and exports.
- Policy response and fiscal stance:
- Sustained pre-crisis fiscal consolidation noted as a key fundamental.
- Swift monetary and fiscal policy response to the external downturn credited with limiting recessionary effects.
- Adoption of new fiscal rules capping spending and deficits cited as strengthening resilience.
- Subjects covered (as listed):
- Banking
- Budget planning and preparation
- Central bank policy rate
- Financial services
- Housing prices
- Inflation
- Prices
- Public debt
- Public financial management (PFM)
Keywords (as listed)
- Budget planning and preparation
- Central bank policy rate
- consultation cycle
- CR
- Global
- Housing prices
- IMF's view
- Inflation
- ISCR
- Israel
- liability positions vis-à-vis nonresident
- monetary policy
- output gap
- Q2
- swift monetary policy
International Monetary Fund. "Israel: 2010 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion", IMF Staff Country Reports 2011, 021 (2011).