Title: Following Moody's Credit Rating Downgrade, Economy Will Recover

The Governor of the Bank of Israel, Amir Yaron, indicated today, Sunday, that "Israel's economy is strong and will recover from the impact of the war," but called on the government to address the issues raised by Moody's after the agency downgraded Israel's sovereign credit rating. Yaron pointed out that "to enhance market and rating agencies' confidence in the Israeli economy, it is important for the government and the Knesset to address the economic issues raised in the report." He added that the economy is "based on solid and good economic foundations and leads the world in innovation and technology." He continued, "We have known how to recover from difficult times in the past and quickly return to prosperity, and Israel's economy has the ability to ensure that this happens this time as well." Moody's had downgraded Israel's credit rating to "A2," which is five notches above the investment grade, from "A1" on Friday, while maintaining a negative credit outlook, indicating the possibility of another downgrade.