War will slow growth says Israel's Fischer

Bank of Israel Governor Stanley Fischer said in an interview that war with Hizbullah will cut the nation's economic growth rate by 1 percentage point this year.

"Israel has a lot of power at its command," Fischer, 62, said in the August 11 interview. "I expect the situation would not continue for many months. That would be unacceptable."

Most of the economic damage will be limited to the third quarter, Fischer said in the interview with Bloomberg. "I think you would extrapolate," from the

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