“There is no doubt that businesses and households in the North have been hit hard, but not fatal. The North will recover and return to prosperity, but the recovery process will be long,” said Bank Leumi Executive Vice President and Head of Banking Eyal Ben Haim. He said at the “Back to the North” conference today.
Ben Haim said the north will recover in the coming years. “We at Bank Leumi expect that 2025 will be a year of great recovery, in the north in particular and in the Israeli economy in general. Of course, with the stability of the security situation.”
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He said: “According to the forecasts of our economists, the shekel is expected to rise this year. It is expected to converge with the inflation target, which will subsequently lead to a reduction in interest rates. In the long term, we expect growth at a rate beyond the potential of the economy, as part of the reconstruction process.” And post-war recovery.
“I believe that the North will once again be an attractive place for business, housing and quality of life. Just like the Galileon Hotel that hosts us today is finally returning to activity. Even in the process of economic recovery, we at Bank Leumi are here to be there for business owners.”
“The recovery can already be seen.”
Ben Haim illustrated his message with the story of a small importer of interior doors from Kiryat Bialik, whose business was severely damaged by a missile strike. He said that the bank’s branch in Haifa helped and supported him when he reopened his business.
“Thousands of small businesses were damaged during the war. Farmers and businesses whose employees were evacuated or conscripted under emergency orders continued to operate. Industrial plants maintained continuity and business continuity as much as possible. Business owners who evacuated reinvented themselves. This is extraordinary,” he said. Ben Haim: “Resilience,” adding that his bank was the first to reopen its branch in Kiryat Shmona, just hours after the ceasefire took effect.
“The recovery can already be seen. We are seeing increasing interest in key sectors of the economy, for example in real estate. Yes, whether in the north or even during the war,” Ben Haim concluded, expressing confidence that hundreds and thousands of northern companies will recover. From the crisis of the great war and back to prosperity.
Full disclosure: The conference was organized in collaboration with Bank Leumi and sponsored by Strauss and Durrell
Published by Globes, Israel Business News – en.globes.co.il – on January 22, 2025.
© Copyright Globes Publisher Itonut (1983) Ltd., 2025.