web analytics
November 24, 2014 / 2 Kislev, 5775
At a Glance
Blogs
Sponsored Post
IDC Herzliya Campus A Day on Campus

To mark IDC Herzliya’s 20th anniversary, we spent a day following Prof. Uriel Reichman, IDC’s founder and president, and Jonathan Davis, VP for External Relations, around its delightful campus.



Fisher’s Assessment: ‘The State of Israel’s Economy is Very Good’

Though it can boast many achievements, in Fisher's view, 'The state of Israel’s economy is very good, not excellent as it was in recent years.'
Governor of the Bank of Israel Stanley Fischer.

Governor of the Bank of Israel Stanley Fischer.
Photo Credit: Miriam Alster/Flash90

Yoram EttingerStraight from the Jerusalem Boardroom #178, April 26, 2013:

The following summary of the April 23, 2013 address by Stanley Fisher, Bank of Israel Governor, highlights economic indicators which reflect the relative strength of Israel’s economy during the global economic meltdown.  These indicators have enhanced global confidence in the long-term viability of Israel’s economy.

Far from being isolated, Israel has become an attractive partner for global trade, an exciting site for astute investors and giant high tech companies.  Israel’s economic performance is praised by the three leading global rating companies and the International Monetary Fund.

Here is are the key points from Fisher’s remarks:

1.  “The state of Israel’s economy is very good, not excellent as it was in recent years.”

2.  In 2013, Israel’s economy is expected to grow 3.8% - more than most OECD countries. 1% growth will derive from offshore natural gas production, which will substitute more expensive imported energy, lower overall imports and production costs and expand employment.

3.  Global trade is expected to expand only 3.6% during 2013, which does not bode well for Israel’s exports (40% of Israel’s GDP).

4.  Unemployment – 6.5% – is the lowest in thirty years.  Unemployment among the 25-64 age groups is 5.7%.  Apparently, more young ultra-orthodox Jews and Arabs are integrated into the job market.

5.  In 2013, the interest rate – 1.75% - attracts overseas investors in State of Israel Bonds.  In 2012, inflation rate was 1.3%.

6.  In 2003, Israel was burdened by more than 5% budget deficit, which increased interest paid by Israel on international borrowing. The deficit was eliminated, when Israel adhered to a balanced budget policy, which facilitated Israel’s solid economic performance during the global economic meltdown.  However, the global crisis slowed down Israel’s economic growth, decreasing tax income, which increased the budget deficit to 4% in 2012.  The government goal in 2013 is a 3% budget deficit.

7.  During the 1970s and 1980s, the defense budget was over 20% of GDP.  The impressive growth of GDP has diminished the ratio of the defense budget – which is the largest share of the national budget – to 7% of GDP in 2012, the lowest since 1954!

8.  In 2003, the public debt to GDP ratio was 99.3%; in 2012 it was reduced to 73.4%.

Visit The Ettinger Report.

About the Author: Ambassador (ret.) Yoram Ettinger is consultant to Israel’s Cabinet members and Israeli legislators, and lecturer in the U.S., Canada and Israel on Israel’s unique contributions to American interests, the foundations of U.S.-Israel relations, the Iranian threat, and Jewish-Arab issues.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “Fisher’s Assessment: ‘The State of Israel’s Economy is Very Good’”

  1. Fullu Caplan says:

    Screw the Israelis with less benefits and more taxes just like is done in the US.

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Banner at Tehran military parade, Sept. 23, 2013. Although the English statement is relatively mild, in Persian and Arabic it says “Death to America.”
Iran Says Nuclear Deal ‘Impossible’ by Nov. 24 Deadline
Latest Blogs Stories
Doug Goldstein

Today”s discussion: “The effects of current geopolitical situation around the world on investing.”

jerusalem_flag

According to PM Netanyahu, the bill would enshrine full equality under law to all Israeli citizens.

Funeral for Druze policeman Zidan Saif, slain in a gun battle Tuesday with the murderers of Jews praying in a Jerusalem synagogue.

Master Sergeant Zidan Saif (Zt”L) a Druze from the Galilee, was shot and killed saving Jewish lives.

President Ruby Rivlin

President Rivlin’s recent statements are only half right, and that’s why he’s completely wrong.

This is our song “Learn to Love;” May joy and light be restored to Jerusalem speedily in our days.

I have a dream…President Obama will go to that prison, Pardon Jonathan Pollard and set him free

The burden of proof that a person is against Israel but not anti-Semitic rests on that person.

Bibi’s promising a good battle, not a victory in the war; We need to WIN the war against terrorism!

For 1000s of years it was perfectly OK for Jews to pray on Herod’s Extension of the Temple Mount.

The focus on the “Occupation” since 1967 is yet another invention to justify hatred and murder.

It should be clear Israel’s existence is not the real issue; the issue is Islamic fundamentalism.

But I am not afraid.I know this is Jewish land, not because of UN/foreign gov’ts saying we can exist

A grassroots initiative of hundreds of Chareidim from Har Nof is underway to attend the funeral of Zidan Saif and to pay their respects to the fallen policeman and to the Druze community in the village of Yanuch-Jat in Northern Israel.

Discover the world of NY high society and its intrigue.

A Jew is no more exempt in this war by living in the US or UK than I am enlisted by living in Efrat

Officer Zidan Sayif saved lives in the Har Nof Massacre, but was shot in the head and is now fighting for his life.

More Articles from Yoram Ettinger
About 7 in 10 Americans view Israel favorably – making Israel the only positively viewed Middle East country. But the younger Americans get, the more they like some Arab countries.

The soaring threat of Islamic terrorism to the US mainland, pro-US Arab regimes, Europe, India, Asia, Africa and Australia has reaffirmed Israel’s role as the moral and military outpost of the US in the Middle East. Israel’s strategic role has gained in importance against the backdrop of the US withdrawal from Iraq and Afghanistan, the […]

Death to Terrorists

Terrorists aren’t driven by social, economic, or other grievances, rather by a fanatical worldview.

Battling Arab terrorism is undermined by focusing on symptoms rather than its cause, hate-education.

Sukkot is a universal holiday, inviting all peoples to come on a pilgrimage to Jerusalem.

Yom Kippur is observed on the tenth day of Tishrei – an Acadian word for forgiveness and Genesis.

Rosh Hashanah is a universal, stock-taking, renewal and hopeful holiday,

The War projects to lower Israel’s 2014 GDP 0.5% but will have little influence on foreign investors

Pres. Obama claims there’s no Islam-driven terrorism or radicalism, only “local” cases of terrorism.

Printed from: http://www.jewishpress.com/blogs/the-ettinger-report/fishers-assessment-the-state-of-israels-economy-is-very-good/2013/04/28/

Scan this QR code to visit this page online: