|
Trending Topics
|
Source: https://www.ft.com/content/78b2d760-f90a-4349-b9f7-aab8b19f7b6f
The Markets Are Signaling Israel as a Clear Winner
(Financial Times-UK) Ruchir Sharma - Since the Oct. 7, 2023, attacks on Israel, the best-performing major stock market in the world is...Israel. After taking an initial hit, the market recovered fully in four weeks, and since then is up 80%. This ascent continued through the recent 12-day war with Iran. The stock market kept signaling that the conflict would end soon, with Israel prevailing both militarily and economically. Despite all the international criticism of Israel for its multiple military offensives, a surge in foreign buying has fueled the rally in its stock market. Founded amid poverty after the Second World War, Israel is one of the few countries to have risen from the developing into the developed ranks. Its $550 billion economy is among the largest 30 in the world. Israel spends more than 6% of GDP on research and development - more than any other nation and over double the global average. About half of R&D funding comes from foreign multinationals, many involved in defense-related industries. With more start-ups per head than any other country, Israel's business culture is closer to that of California. Half of its exports are tech products. GDP per head has nearly tripled since 2000 to more than $55,000, rising from 50 to 70% of the level in the U.S. The writer is chair of Rockefeller International.