from the December 2011 issue

Israel central bank forecasts economy will grow 3.2% in 2012

Israel's central bank expects Israel will emerge from the economic tumult sweeping Europe relatively easily.

The Bank of Israel is also maintaining its forecast that the Israeli economy will grow 3.2 per cent in 2012. That's down from an expected 4.7 per cent for 2011, but much higher than the outlook for the U.S. and the euro bloc.

Governor Stanley Fischer told a news conference that "the Israeli economy is in relatively good condition," with relatively low levels of inflation and unemployment, a low budget deficit and a strong financial system.

He acknowledged Israel would be affected by the debt crisis sweeping the European Union, Israel's largest trade partner. But he predicted Israel "will be able to emerge from these problems relatively easily."

Reprinted from the Israel High-Tech & Investment Report December 2011

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