Merrill Lynch: Israel GDP growth cut by 75% in 2009

The US investment bank attributes its estimated 2008 growth of 4.1% to strong Israeli export performance and strong domestic demand
 
In a report on emerging EMEA (Europe, Middle East, and Asia) economies prepared by the US investment bank Merrill Lynch, the bank noted that while Israel's GDP growth in 2008 will reach over 4%, the Israeli economy will slow to only a quarter of the 2008 rate in 2009.
 
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories. Merrill Lynch offers a broad range of services to private clients, small businesses, and institutions and corporations, organizing its activities into two interrelated business segments.
 
The US investment bank attributes its estimated 2008 growth of 4.1% to strong Israeli export performance and strong domestic demand. However, the report noted that as exports to the US which account for almost 17% of Israeli GDP, the investment bank sees the growth rates slowing down to 1% in 2009.