NEWS
Israel's Economy is Strong with a Stable Outlook
by Moshe Tzvi
"A sigh of relief in the government." These were the opening remarks in the report from De Marcure business magazine after, contrary to expectations of the Left, the companies of credit evaluation did not change the forefront of the Israeli grade. According to it, the Standard and Poor company decided not to change the credit grade or the forecast for the immediate future, "in spite of the judicial revolution being promoted by the present government." They maintain that "the decision is based upon the assumption that some kind of agreement will eventually be arrived at."
Ongoing are the attempts of Leftist politicians, together with the media people who identify with the protests against the judicial reform, to connect the price inflation and the present Israeli economic situation and the judicial reform.
Meanwhile, no reflection is being felt on the scene. The stock market rates are rising, Israeli start-up companies continue to show profit, foreign investors keep on coming, and the rating companies continue to maintain the Israeli status grade.
Meanwhile, from an attempt to fling sand in the public eye, those interested parties continue to carry on, and present facts that have nothing to do with the reform, while leading the average Israeli reader to feel that here, the doomsday prophecies about an economic blow to the country due to the reform, are being actualized. But as usual, the real facts make no difference.
Thus, for example, in one of the leading media networks, in a demagogic article full of "forecasts and estimates" they tried to present a picture of the very recent situation in which Israel seems to be standing on the brink of an economic collapse, triggered of course by the judicial reform.
"From every direction, in parcels, we are subject to severe blows on the economic strata," they write, one after the other: the credit rating companies themselves were recently almost the last ones to warn that the economy would suffer if the reform were to take place. Preceding them were the top senior Israeli economists; Professors and past CEOs of the Treasury and even a Nobel Prize winner.
Note that the credit rating companies were almost the last ones, what came to light at the end as a false fact. The columnist continued, "top economic experts in Israel" warned about an economic collapse if the judicial reform was enacted.
"The money market was quick to react about the desire to enact the reform," he writes. But at the same time, he didn't even attempt to explain that the local markets react to declarations, protests and threats even if in reality, nothing has taken place.
"The stocks have lost billions. The shekel has drastically weakened at the exchange rates against the dollar, and the euro passed the four shekel rate. This has caused an immediate rise in inflation. Foreign companies shy away from Israeli investments and part of those who are active here have transferred billions of dollars to foreign banks." This is what they write.
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