Expect slowdown in 2019, Mercantile rep says

The year 2019 will have slow growth in China, Japan, Germany and other countries, Zion Becker, vice general manager of Mercantile Bank noted.

By JERUSALEM POST STAFF
December 18, 2018 22:25
1 minute read.
Traders look at screens at a bank in Lisbon, Weds.

traders watching stocks. (photo credit: Rafael Marchante/Reuters)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

The year 2019 will have slow growth in China, Japan, Germany and other countries, Zion Becker, vice general manager of Mercantile Bank, noted at the 2018 Tax Year Conference of the Kibbutz Movement.

However, the probability of a recession is low because the fiscal environment is still expanding in the United States and in China in order to support the global economy.

A 3.7% growth is expected as the country enters an election year in which the deficit is likely to grow, resulting from a rapid increase in government ministries’ expenditure of 7-8% and a slowdown in tax collection, specifically from VAT, Becker said.

Referring to the kibbutz sector, he noted that “Mercantile Bank continues to be a leading factor and seeks to diversify the bank’s sources of income by creating dedicated credit products for financing construction in kibbutzim and setting guidelines for rapid underwriting to finance this activity in the economic sectors and regional corporations.”

He also said that Mercantile Bank recently won a tender by the Economy Ministry to market the Energy Efficiency Fund, which is in addition to the bank’s 10 years of activity in granting loans to small businesses guaranteed by the state.


“Recently, the bank has succeeded in convincing the state that even nonprofit organizations and kibbutzim can take out loans in state guaranteed funds.”

In recent years, Mercantile has granted loans to small businesses in a total amount of NIS 3.3 billion, and bank credit is the main source of financing for small and medium-sized businesses, with over 80% of the credit to these businesses coming from banks. Small-business loans at Mercantile Bank account for up to 8% of the annual turnover of the business for a period of up to 5 years.

At the Kibbutz Movement convention, about 270 kibbutzim, hundreds of finance officials, treasurers, farm managers and project coordinators from kibbutzim and moshavim attended. Mercantile Bank, in cooperation with Brit Pikuah Group’s chartered accountant MBT Consultants firm, sponsored the conference.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

June 25, 2019
Israeli technology selected to fight severe drought in South Africa

By ZACHARY KEYSER

Cookie Settings