In a report released last week, the OECD cited Israel's 15 consecutive years of "economic expansion" and low unemployment as factors for its growth and standing globally.
It reported "The Israeli economy continues to register remarkable performance, with strong growth, low and falling unemployment and sound public finances leading to the 15th consecutive year of economic expansion." The OECD also reported that Israel's economic growth has exceeded 3 percent in recent years, significantly higher than most countries with strong economies. This year, economic growth is already reported at 3.3 percent.
According to OECD Acting Chief Economist Alvaro Pereira, "The Israeli economy has grown faster and more consistently than nearly any other in the OECD for the past 15 years. Unemployment is at historically low levels, and the rise in people with jobs has had a significant impact on the continuing convergence of living standards in Israel with those in the most advanced economies."
"Today's outlook offers Israel a unique opportunity to prepare for the future, by taking steps to raise productivity, improve social cohesion and guarantee high quality of life for all Israelis," he said, according to Kehila News.
This article originally appeared at visionforisrael.com.
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