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Tuesday, December 19, 2006

Supersized Israeli Economy ?

It looks like Israel is one of the top five growing economies worldwide, according to The Economist in the article.

(Globes Online) In its latest emerging markets survey, "The Economist" notes that Israel has been one of the five fastest growing emerging markets in the past 20 years. Israel has risen 12 spaces from the world’s 48th biggest economy in 1980-84 to 36th biggest economy in 2001-05. [...]

"The Economist's" report is a shot in the arm for Prime Minister Ehud Olmert, Minister of Finance Abraham Hirchson, and Governor of the Bank of Israel Prof. Stanley Fischer, given that, since 1980, the country has undergone two intifadas, the effects of two wars in Iraq and two wars in Lebanon - the only one of the 28 emerging economies to have such an experience.

Although they do not exactly say the main reason for this growth, I have a feeling that it mainly has to do with Israel's technology sector.

As for the other countries, the other four (including Hong Kong) resided in Asia. This is quite an accomplishment, noting the carnage this nation has faced.

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