Chairman of the Board of Bank Leumi, Uri Alon, addressed the potential economic implications following the end of Operation Roaring Lion. His remarks were delivered at the Israel Economic Conference 2026, organized by the leading media group comprised of Maariv, Walla, and The Jerusalem Post.
“We are gathering this morning at a complex moment, while Operation Roaring Lion is still ongoing. This is a challenging period, but if there is one thing reality has taught us time and again, it is that the Israeli economy knows how to function even under abnormal conditions,” said Alon in his opening remarks at the conference, held at the Peres Center for Peace and Innovation.
“If we look at the data over the years, we see that the Israeli economy has repeatedly recovered after security crises and has subsequently demonstrated impressive growth. Even now, we are seeing the economy exhibit notable resilience, which I am confident will carry forward,” he added.
“Data from the Bank of Israel reinforces this insight,” he noted. “Over the past 25 years, military operations have caused temporary erosion in growth, followed by significant recovery. This trend has been consistent—from the Second Intifada, through the Second Lebanon War, Operation Protective Edge, and also during the Swords of Iron War, which was the longest of them all.”
Alon emphasized that while this is a global event different from previous ones, “we are seeing Israeli indices outperform their global counterparts. In fact, we estimate economic growth in 2026 at 4%, alongside a decline in the risk premium.”
He added that despite the complex security situation, he wished to present a more optimistic outlook—one he believes will materialize: “The removal of the Iranian threat and the further leveraging of Israel’s cooperation with Gulf states open a gateway to far-reaching opportunities for the State of Israel in general, and for its economy in particular.
“I believe the day is not far off when we will be able to maintain significant trade relations with Arab countries—from Dubai in the east to Morocco in the west—as part of a thriving and interconnected regional space.”
The Resilience of Israeli Society
Alon also highlighted the resilience of Israeli society. “Business owners who continue opening their shops in the morning even when sirens sound; entrepreneurs who continue developing ideas and building companies under rocket fire; employees who continue creating value for their organizations while the educational system has yet to resume operations fully,” he said. “The human capital of Israel’s economy continues to build our economy even during complex periods of war. That is why it is also important to provide a swift response and appropriate compensation to businesses that have indeed been harmed by the war, especially in the north.
“This resilience of Israeli society and the business sector is not just an extraordinary human story. It is also the central factor explaining why the Israeli economy manages to maintain stability and even continue to grow during periods of security instability.”
Toward the end of his remarks, he shared insights from recent discussions with global economic leaders in Davos. They, too, praised the resilience of the Israeli economy during the two years of war.
“I am proud to head an organization that is a central part of the Israeli economy and reflects that resilience. As Israel’s largest bank, we are committed to driving the economy forward under all circumstances. Indeed, with the outbreak of the war, we were the first to publish a customer support framework, adopt the Bank of Israel’s outline, and lead both business and social initiatives for the public,” he emphasized.
In closing, he referred to initiatives launched by the bank during the war: the first, a project that helped thousands of people over the age of 80 stay in hotels—where they had access to protected spaces—and the launch of a “banker at home” service to help that population receive assistance during these challenging times. “We will continue to initiate such measures to support the public, even in difficult periods,” he concluded.
Written in collaboration with Bank Leumi