Israel’s budget proposal is set to focus on growth and will also provide relief to the public, according to the country’s new finance minister.
(Bloomberg) — Israel’s budget proposal is set to focus on growth and will also provide relief to the public, according to the country’s new finance minister.
“We are facing a difficult period, but I see it as an opportunity to fortify the State of Israel as a stable, strong and responsible market,” Bezalel Smotrich said at a government conference on Tuesday. “Populist moves that exceed the budget ceiling could put all of us in a tailspin and hurt Israel.”
Smotrich, a cabinet member in the government of newly appointed Prime Minister Benjamin Netanyahu, inherited a budget that was back in surplus last year for the first time in over a decade.
But Israel’s economy is set for a slowdown in 2023. The central bank’s research team revised down its outlook at the beginning of the month, predicting that gross domestic product will expand by 2.8% this year, compared to 6.3% last year.
Smotrich said that fiscal and monetary policy will be coordinated.
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