Jordan confirms Israel’s centre stage at IMF

A few days ago, the IMF confirmed Israel as one of the stronger countries emerging from the global recession.

Yesterday, Sunday, delegates at the annual IMF roadshow were treated to a presentation on Israel’s success. Significantly, Israel is now using two macroeconomic tools, which other countries are still backing away from; budgetary cuts and an increase in interest rates.

The Israeli newspaper, Yediot, has observed that Israel’s finance minister and also the governor of the Bank of Israel received praise from several sources. One notable quote came from Bassam Hilel al-Salam, Jordan’s minister of finance, who observed that Israel is managing the economy correctly.

Israel remains a small economy. It has only just joined the OECD. But it is evidently a growing economy, whose companies make strong contributions globally in hightech, biotech and cleantech. It is one of the largest defence contractors in the  world. Microsoft’s latest anti-virus tech was developed in Israel.

And so the story will continue, which is why the boffins of the IMF are interested in what is happening in the Holyland.

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