Israel warns of new global financial meltdown

Friday, February 03, 2012 |  Ryan Jones

Israel, which was one of the few nations to successfully weather the last global financial crisis, is now warning that a new economic meltdown is on the horizon.

Speaking at the Herzliya Conference on Wednesday, Bank of Israel Governor Stanley Fischer said the international community is facing an "approaching crisis" of which "we have a partial description."

Fischer pointed to newly published International Monetary Fund (IMF) forecasts that predicted a feeble 3.3% rate of economic growth for the coming year.

"When I was at the IMF ten years ago, we were talking about 3.5 for the global economy as the point between growth and recession," noted Fischer. "This figure (3.3%) is in recession."

Fischer is an internationally-recognized economic expert, and under his watchful eye Israel has continued with prudent policies that are likely to help it stand firm in the face of the next storm. But that doesn't mean Israel won't be affected.

"There is one figure here that influences all of us, and that is growth rate for world trade," Fischer explained. "For world trade [the IMF figure has] gone down from 6% to 4%. That is a very big drop."

Want more news from Israel?
Click Here to sign up for our FREE daily email updates

Current Issue

Get Your Israel Today App Now!

Your Vacation Apartment in Jerusalem

 

For Information & Reservations:

E-Mail: info@israeltoday.co.il

TEL.: +972-2-6226881

ADVERTISEMENTS

Popular Posts

A Growing Trend: Brave Muslim Zionists
Muslims and Arabs who openly...
An Enemy Even More Dangerous Than ISIS
As an Israeli who has lived...