The Bank of Israel has warned that the controversy surrounding the Israeli government’s planned overhaul of the judiciary could reduce annual economic output by up to 2.8% over the next three years. Officials have claimed that the reforms, which would limit the powers of the judiciary and give the ruling coalition greater control over the appointment of judges, could rein in an overly activist judiciary, but critics have accused the government of seeking to introduce a politically motivated power grab that will damage minority rights, foster corruption and harm the economy. The plans have sparked widespread protests and industrial action. A forecast released by the Bank of Israel predicted economic growth of 2.5% in 2018 and 3.5% in 2024 if the dispute is solved smoothly. However, if the changes damage Israeli exports, investment, consumption and risk profiles, the bank predicts that GDP could be hit by between 0.8 and 2.8% per year over the next three years.
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