TEL AVIV (Oct. 17)
An international financial journal credits Israel with a better economic performance than the United States.
According to Euromoney, a London publication specializing in international finance, Israel ranks 41st out of 126 countries with respect to “overall economic performance.” The United States ranked 55th. Japan is No. 1.
The tabulation can be found in a special issue published for distribution to finance ministers and central bank governors attending the annual conference of the International Monetary Fund in Bangkok next week.
It notes that Israel’s credit rating jumped from the world’s 60th in 1990 to 38th in 1991, one of the biggest improvements of any country.
The credit rating is based on ability to repay debts, accessibility to international capital markets and such economic indicators as debt repayment compared to exports, and foreign debt compared to domestic product.
The Israeli daily Ha’aretz noted that the Euromoney report is especially timely considering the spate of articles in the United States recently which question Israel’s ability to repay loans.
That issue was addressed in connection with Israel’s request for U.S. loan guarantees so that it can borrow money commercially at favorable terms to finance the absorption of immigrants.
Euromoney also rated Israel’s economic performance superior to those of Britain, Canada, Australia, New Zealand and South Africa.