(Globes) Aharon Katz - London-based Bernard Mensah, President of International for Bank of America, one of the biggest investment banks in the world, and CEO of its largest international subsidiary, Merrill Lynch International, told Globes he is confident about Israel's economy and sees the situation improving substantially. "The economy in Israel is dynamic and driven by the technology industry. Nevertheless, as in many other countries, the global slowdown affected Israel as well," Mensah said. "Our research team sees a slowdown in economic growth this year to a level of 2.5%. Despite Israel's special social and political challenges, this is still faster growth than we are seeing in many other parts of the world." "When the global forecast improves, Israel will be able to restart its economy. The country's economy is cooling, inflation is falling, and economic ties in the region are on an improving trend. Fortunately, the inflation shock is small, and much more limited in comparison with other economies....Our economists see a softer landing in Israel, particularly in comparison with many other countries." "Israel is known as 'the startup nation.' This is mainly thanks to its strong human capital, large government spending on research and development, leading universities, an entrepreneurial culture, and innovative technology. In the past two decades, Israel has become a world center in several technological segments, among them autotech, cyber, foodtech, cleantech, fintech, and Internet....The Israeli high-tech industry has great value, and when global growth recovers, we believe that it will become more attractive, and will generate opportunities in many areas."
2023-08-03 00:00:00Full ArticleBACK Visit the Daily Alert Archive