ISRAEL - Island of Stability in Economic Crisis
“Israel is an island of stability” in the current economic crisis, Israel Discount Bank CEO Uri Levin said, adding that its expectations for growth are higher than anywhere else in developed countries.
Despite the bleak economic outlook, Levin said Israel’s economy stands out due to its strong and conservative banking system, its industrial system and the hi-tech sector.
“The move from ‘start-up’ to ‘scale-up’ to building global, leading tech companies has an enormous impact on the Israeli economy and the Israel-US relationship. This means there is no boundary to the growth of Israeli hi-tech or the strength of the Israeli economy.”
-www.jpost.com, 12 September 2022
Arno's Commentary
Based on WorldData.info, inflation rates for 2021 were: Israel, 1.94%; EU, 2.55%; USA, 4.7%. On 12 March 2015, XE.com’s currency chart listed 4.04 shekels [NIS] per one US dollar [USD]; for 23 August 2022, it is only 3.26 shekels to the dollar.
There is little to no doubt that Israel is the most stable democracy in the Middle East politically. Economically as well as financially, it looks about the same, particularly due to high-tech businesses and growth in that sector.
Analyzing Jews in particular, a statement was found in the National Library of Medicine: “Why should one particular tribe at the time of Moses, living in the same environment as other nomadic and agricultural peoples of the Middle East, have already evolved elevated intelligence when the others did not? At this point, I take sanctuary in my remaining hypothesis, uniquely parsimonious and happily irrefutable. The Jews are God’s chosen people” (Charles Murray, 2007). That obviously is the right answer. The Bible is the document that proves it beyond a shadow of a doubt.
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.
