[CNN/Dow Jones] Israel was born not only into war, but also into shortage, having to ration meat, eggs and cooking oil. Lacking allies, trade partners and natural resources, the Israeli economy was swamped by poor immigrants. As Israel celebrates its 60th birthday, memories of this economic desolation seem exotic. The shekel is now one of the strongest currencies in the world, inflation is 2.5%, last year's 5% growth was the developed world's highest for the fifth consecutive year, while unemployment slid to a 15-year low of 6.5%. With the budget deficit shrinking within five years from 7% to 0.8% of GDP, the global financial community began to understand that Israel means business.
2008-05-16 01:00:00Full ArticleBACK Visit the Daily Alert Archive