ISRAEL - 4th Best Performing Economy

Arno Froese

Israel is the fourth-best-performing economy in 2022 among a list of OECD countries, according to a ranking compiled by The Economist.

Israel’s economy shared the fourth place with Spain and was ranked after Ireland among the 34 wealthy OECD countries cited in the survey. Greece scored the top spot followed by Portugal in second place, while Latvia and Estonia came at the bottom of the list. Japan, France, and Italy made it into the top 10. Meanwhile, the US economy, which grew at a rate of 0.2%, ranked 20th, and Germany, “despite political stability,” is in 30th place, according to the Economist.

Israel’s economy is projected to have grown at a rate of 6.3% in 2022, according to Finance Ministry estimates, following its even faster expansion of 8.1% in 2021, the year of recovery from the COVID-19 pandemic. That compares with projected GDP growth of 3% among world economies for this year, according to an OECD outlook.

-www.timesofisrael.com, 26 December 2022

Arno's Commentary

Emory University’s Journal of Law and Religion published an article in 1988 titled, “Biblical Law and the Economic Growth of Ancient Israel,” which was summarized thusly:

This paper shows that the laws of ancient Israel found in the Old Testament significantly restricted economic transactions and limited the possibility of economic growth. The paper begins by examining the production function in light of Hebraic teaching, demonstrating that theological principles can be translated into economic regulations. The paper then describes the various laws regarding land, labor, capital, and technology and analyzes the probable economic effects of such laws during approximately the fourth century B.C.

That’s history. Today, we move in an international global community, which is in the process of building the final economic system as recorded in Revelation 18. Interesting, however, is the fact that this final system is based on economic “fornication.” Dictionary.com defines the word fornication as, “voluntary sexual intercourse between two unmarried persons.” The word can also be translated as idolatry.

Thousands, if not millions of experts the world over are racking their brains to accurately analyze the global economy. One thing, however, becomes abundantly clear: this economic “fornication” or idolatry is globally successful: “For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies” (Revelation 18:3).

One of the most powerful contributors toward that success is advertising; some include outright falsehoods, while others are only partially true. Products and services are praised to work, but actually don’t. That’s what we call idolatry. 

The goal for Israel, however, is the fulfillment of Deuteronomy 15:6: “For the Lord thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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