Outgoing Bank of Israel Governor Stanley Fischer this week stated that Israel has one of the strongest and most resilient economies in the world.
However, Israel is facing a very serious existential threat... well, many existential threats, really, but one of those threats is the economy itself.
Israel is a fully welfare state, and there are two large sectors - the ultra-Orthodox Jews and the Arabs - which largely do not contribute to the mainstream workforce or pay taxes. The other 70 percent of the population is left to carry the financial burden of the state.
The problem is that the ultra-Orthodox and Arab populations are increasing rapidly, while the non-Orthodox Jewish population is shrinking. In 50 years, Fischer warned, the main productive sector of society will amount to only 50 percent of the population and be unable to foot the bill, leading to Israel's economic collapse.
Prayer is needed as Prime Minister Netanyahu tries to address these issues in his next government. The results of the last election indicate that the public wants these problems fixed now, before it's too late.
[We will take a more in-depth look at Fischer's analysis in the April issue of Israel Today. Don't miss it - SUBSCRIBE NOW >>]
Want more news from Israel?
Click Here to sign up for our FREE daily email updates