BOL official sees growth to rebound by 2nd quarter of 2010

Bank of Israel Deputy Governor, Prof. Zvi Eckstein, said last week that the Israeli economy will begin growing in the second quarter of 2010
 
At an economic conference on the global economic crisis, hosted by the Ruppin Academic Center in Emek Hefer, Prof. Eckstein said that "The development of the Israeli economy will much depend on US President Barack Obama and his government". He added that "In the autumn of 2009 the financial markets are expected to stabilize, and toward the second quarter of 2010 the economy will rebound”.
 
The Bank of Israel forecasts the economy to contract by 1.5% this year. Last month, the central bank cut its 2010 growth forecast from 2.3% at the beginning of the year to 1%, after estimates for world trade were revised downward.