Sharon Wrobel is a technical reporter for The Times of Israel.
Israel is the fourth functioning economy in 2022 among a list of OECD countries, according to a rating by The Economist.
The British weekly cited the good performance of Israel’s economy as one of the “pleasant surprises” in 2022 “despite the political chaos” over the collapse of the government, which has brought Israelis to the polls for the fifth time in less than 4 years.
The Economist’s rating is based on an overall score measured through five economic and monetary indicators: gross domestic debt (GDP), inflation, magnitude of inflation, inventory market functionality and public debt.
Israel’s economy shared fourth position with Spain and ranked after Ireland among the 34 rich OECD countries cited in the survey. Greece took the top position, followed by Portugal in the current position, while Latvia and Estonia were at the bottom of the list. Japan, France and Italy entered the 10th most sensible. Meanwhile, the U. S. economy, which grew at a rate of 0. 2%, ranks 20th, and Germany, “despite political stability,” ranks 30th, according to The Economist.
Countries in addition to Spain and Israel that rely on Russia’s oil and combustible materials fared better than average, according to the survey.
“Those who count on Vladimir Putin as fuel have suffered,” The Economist noted. “In Latvia, average customer costs have increased by a fifth. “
Israel’s economy is expected to have grown at a rate of 6. 3% in 2022, according to Finance Ministry estimates, after expanding even faster to 8. 1% in 2021, the year of recovery from the COVID-19 pandemic. This compares with the projected expansion of GDP. of 3% among economies for this year, according to the OECD perspective.
Israeli exports, which account for about 30% of the country’s economic activity, are expected to reach record levels of between $160 billion and $165 billion by 2022, according to a conservative estimate released Sunday by the Economy Ministry’s Foreign Ministry. Administration (ALE).
Exports of facilities, adding Israeli technological facilities such as software and studies and progression responses (R
Europe is Israel’s trading partner, accounting for 38% of exports, followed by the Americas with 35% and Asia with 24%.
Inflation in Israel over the past 12 months has exceeded the upper limit of the diversity target of 1% to 3% and stands at 5. 3%, is particularly lower than that of the most developed countries.
Looking ahead to 2023, the Finance Ministry this month cut its expansion outlook for the country’s economy from 3. 5 to 3Array, prompting a contraction in customer spending and a slowdown in the global economy, which is expected to grow at a rate of around 2. 2Array.
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