{"id":40513,"date":"2023-07-26T00:50:11","date_gmt":"2023-07-26T04:50:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/moodys-sees-negative-economic-consequences-of-israels-judicial-upheaval\/"},"modified":"2023-07-26T00:50:13","modified_gmt":"2023-07-26T04:50:13","slug":"moodys-sees-negative-economic-consequences-of-israels-judicial-upheaval","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40513","title":{"rendered":"Moody’s sees negative economic consequences of Israel’s judicial upheaval"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Protesters hold Israeli flags as they demonstrate following a parliament vote on a contested bill that limits Supreme Court powers to void some government decisions, near the Knesset, Israel’s parliament in Jerusalem July 24, 2023. REUTERS\/Ami<\/span>
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By Steven Scheer<\/p>\n

JERUSALEM (Reuters) – Moody’s (NYSE:) Investors Service said on Tuesday that passage of a new law in Israel limiting some Supreme Court powers signalled that political tensions will continue and likely have negative consequences for Israel’s s economy and security situation.<\/p>\n

“We believe the wide-ranging nature of the government’s<\/p>\n

proposals could materially weaken the judiciary’s independence and disrupt effective checks and balances between the various branches of government, which are important aspects of<\/p>\n

strong institutions,” Moody’s said in a report.<\/p>\n

The agency did not take any ratings action on Israel. In April, Moody’s downgraded Israel’s outlook to stable from positive but affirmed Israel’s sovereign credit rating at “A1”<\/p>\n

Israeli doctors declared a strike and black ads covered newspaper front pages on Tuesday in a backlash over the hard-right government’s ratification on Monday of the first part of a judicial overhaul that critics say endangers democracy.<\/p>\n

Since the plan was announced in January, mass protests have taken place across Israel while foreign investors have been spooked, sending the shekel down 10% versus the dollar as the country’s risk premium has risen.<\/p>\n

“The executive and legislative institutions have become less predictable and more willing to create significant risks to<\/p>\n

economic and social stability,” Moody’s said.<\/p>\n

It cited data that some 80% of new Israeli startups have chosen to register overseas this year, up from 20% in 2022, while the Tel Aviv and Nasdaq share exchanges have diverged.<\/p>\n

“This is particularly concerning given that the country’s high-tech sector has become the key engine of economic growth,” Moody’s said.<\/p>\n

Moody’s projects growth in Israel of 3% in 2023 and 2024 but its forecast “does not incorporate a negative effect from a prolonged period of social and political tensions”.<\/p>\n

Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich – proponents of the judicial overhaul – downplayed the Moody’s report.<\/p>\n

“This is a momentary response; when the dust clears, it will be clear that the Israeli economy is very strong,” they said in a joint statement.<\/p>\n

But Arnon Bar-David, chairman of the Histadrut labour federation, said the report was proof that the crisis is taking its toll in Israel, socially and economically.<\/p>\n

“The rating agency’s dire comments are a glaring warning sign to anyone who has so far ignored the need for broad consensus on reform,” said Bar-David, who heads Israel’s largest public sector union and has said he was considering a general strike.<\/p>\n

“I call on the Prime Minister and the Minister of Finance to come to their senses, show responsibility and immediately stop the damage to the economy,” he added. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Protesters hold Israeli flags as they demonstrate following a parliament vote on a contested bill that limits Supreme Court powers to void some government decisions, near the Knesset, Israel’s parliament in Jerusalem July 24, 2023. REUTERS\/Ami By Steven Scheer JERUSALEM (Reuters) – Moody’s (NYSE:) Investors Service said on Tuesday that passage […]<\/p>\n","protected":false},"author":1,"featured_media":5340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-40513","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMoody's sees negative economic consequences of Israel's judicial upheaval | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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