(Bloomberg) -- Israel will begin gradually reopening its economy from February, and much of it will be active by March, Finance Minister Israel Katz said on Sunday.
The country has been under lockdown since the end of December, its third since the beginning of the coronavirus pandemic, as infections continue to climb.
“We will have to be very exact with our decisions, in order to stop the spread of infection on the one hand, and allow the economy to reopen on the other,” Katz said in an interview with Kan radio.
Israel’s economy probably contracted by 3.7% in 2020, according to the central bank’s Jan. 4 estimate. The economy may expand by as much as 6.3% in 2021 under a rapid vaccine drive, or as little as 3.5% if doses are given out gradually, according to the forecast. Some 23% of the population has received its first dose of vaccine in a two-dose regimen, and 2.5% have had both doses.
Read more: Election Pressure in Israel Helps Speed the Vaccination Process
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