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Speed of Development Cause of Israel’s Economic Ills, Banker Says

Israel is in economic difficulty today because she has attempted to telescope a half century’s economic development into a decade, without limitation, David Horowitz director of the Israel National Bank, told the Anglo-Israel Chamber of Commerce here today.

There is a reasonable expectation that Israel will yet win its race against time. Mr. Horowitz asserted. He noted that in 1949 Israel only covered 12 percent of its imports with exports, while now the figure is close to 25 percent. By 1963, Mr. Horowitz predicted, Israel will have doubled her citrus exports and be self-sufficient in cotton.