web analytics
May 26, 2015 / 8 Sivan, 5775
At a Glance
Blogs
Sponsored Post


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.

Current Top Story
European Union foreign policy chief Federica Mogherini and Prime Minister Netanyahu.
Knock off the Peace Processing, Already!
Latest Blogs Stories
A Soldier's Mother

To friends in America: Wishing someone “Happy Memorial Day” means you don’t understand the holiday.

Obama at Yad VaShem in Israel as senator and presidential candidate in 2008.

President Obama believes anti-Semites limit their anti-Semitism to discrimination and organizing, but will always put their survival first!

Doug Goldstein

What motivates a successful leader? Who are the best kinds of people to use as your role model?

Audience at Israel Day Concert

The warnings came true: Among the 1000 released terrorists, many returned to terror activity

Torah is to be lived. Rabbi Moshe Levinger was a completely living Torah, the Torah of Eretz Yisrael

“Said Rabbi Yochanan: Happy are those who see the fall of Tadmor…” (Talmud Yerushalmi)

Why has Prime Minister Netanyahu given Erdan & Hanegbi insultingly low-level cabinet appointments?

Without Israel, the Jewish People are scattered nomads lacking Torah’s true national grandeur&power

Will it get better/worse for Bibi or does the wily Bibi know/plan something that will shock us all?

Dr. Vernon Smith, 2002 Economics Nobel Prize winner, on predicting housing markets & economic issues

100% of the ‘First Responders’ helping those Arab school girls were Jewish and they didn’t hesitate!

Women equalizing with men in all areas of Judaism is anathema to the very idea of male/female roles.

Bibi endorsing the “2 State Solution” endangers Israel, moving the policy Center-Right from far Left

Dear Opposition Members… You seem confused… Let me clear it up for you… You lost.

A tribute to Jerusalem by its finest troubador, David Herman.

Do the food giants really care about our health? Are consumers now eating healthier food?

More Articles from Yoram Ettinger
israeli-american flags

Pentecost, derived from the Greek word for 50, is celebrated 50 days after Easter.

President Obama

Realizing there was no US military threat, Iran resumed, expanded & accelerated its nuclear program

Suspension of disbelief towards Iran characterizes the Pres. administrations of both Carter & Obama

At 67, Israel reaffirms a historic fact: Pressuring the “Jewish Olive” produces superb oil!

The Constitution created history’s most powerful legislature & inherent foreign policy power battle

A serious peace-driven agreement and the nature of the Ayatollahs is the definition of an oxymoron

Defense, scientific and commercial cooperation between the US and Israel is surging unprecedentedly, in defiance of the unbridgeable gap between the worldviews of President Obama and Prime Minister Netanyahu. For example, 250 major US high-tech companies maintain research and development centers in Israel, which has become a major source of cutting-edge innovative technologies, improving US […]

German poet Heinrich Heine: “Since the Exodus, freedom has always been spoken with a Hebrew accent.”

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: