Bank of Israel Submits Plan for Economic Growth

The Bank of Israel. (File photo)

Israel’s Globes reported that the Bank of Israel has submitted to the government a plan for speeding up long-term economic growth and a fiscal framework for financing it. They note that raising taxes too soon, while the economy is still recovering, could harm potential growth. They foresee no alternative to raising taxes from 2023.

The Bank of Israel suggests a gradual rise in taxes while cutting government expenditure as per guidelines to be set by the government in 2023. This plan requires that certain issues deferred even before the COVID-19 crisis, will need to be dealt with, such as reforms of education, infrastructures and reducing regulation.

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