“There is no doubt that businesses and households in the north have been hit hard, but it is not a fatal blow. The north will recover and return to prosperity, but the recovery process will take a long time.” said Eyal Benheim, Vice President and Head of Banking at Leumi Bank. He spoke at today’s “Return to the North” conference.
Benheim said the north will recover in the coming years. “We at Leumi Bank expect that 2025 may be a year of great recovery for the north in particular, and for the Israeli economy in general, as the security situation stabilizes, of course.”
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“According to economists’ forecasts, the shekel is expected to appreciate this year. A convergence to the inflation target is expected, which will then lead to lower interest rates. In the long run, we expect it to grow at a constant rate,” he said. “I am doing so,” he said. As part of the post-war recovery and recovery process, the economy has exceeded its potential.
“We believe that the North will once again be an attractive place for business, housing and quality of life, just like the Galilion Hotel, which is hosting us today and is finally back in action, even in the process of economic recovery. , we at Leumi Bank are here to be close to business owners.”
“We are already seeing recovery.”
Benheim illustrated his message with the story of a small importer of interior doors in Kiryat Bialik province whose business was severely damaged by a missile attack. He said the bank’s Haifa branch helped him and supported him as he restarted his business.
“Thousands of small and medium-sized businesses suffered during the war. Farmers and businesses whose employees were evacuated or drafted by emergency orders continued to work. Factories maintained continuity and business continuity wherever possible. The evacuated managers have reinvented themselves, which is extraordinary,” Benheim said, adding that his bank reopened its Kiryat Shmona branch for the first time just hours after the ceasefire took effect. added.
“We are already seeing a recovery. There is increased interest in key areas of the economy, for example real estate. Yes, even in the north, even during wartime,” Benheim concluded, adding that hundreds of people have recovered. He expressed confidence that the Thousands of businesses in the North will recover from the great crisis of the war and become prosperous again.
Full disclosure: This conference was co-sponsored by Leumi Bank and sponsored by Mr. Strauss and Mr. Dorrell.
Published by Globes, Israel Business News – en.globes.co.il – on January 22, 2025.
© Globes Publisher Itonut (1983) Ltd., Copyright 2025.