Israel's budget deficit is likely to drop below 3% of gross domestic produc...
JERUSALEM - Israel’s budget deficit is likely to drop below 3% of gross domestic product in 2020 after an increase this year, the director general of the Finance Ministry said.
“We need to fix it but it is not a catastrophe and is not affecting the economy,” Shai Babad told Reuters in an interview, adding that the 2019 deficit was likely to be 3.6-3.8% of GDP. “I believe the deficit will be somewhere between 2.7% and 2.9%. Then, accordingly, the adjustment that will have to be will be somewhere between 15 billion and 20 billion shekels,” Babad said.
Babad said one positive from the higher deficit has been a jump in civil - or non-defence - spending, in which Israel lags most other Western countries. “There has been a shift and for the first time civil expenses have gone up at a higher rate than defense expenses.”Babad expects the next government to vote on the new budget in January, with final parliamentary approval in March.
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