Fisher: Israeli economy ‘coping relatively well’

JERUSALEM (JTA) — Israel is "coping relatively well" with the current economic crisis, the Bank of Israel governor said.

Stanley Fisher presented the Bank of Israel’s Annual Report for 2008 to President Shimon Peres Sunday morning.

"The report shows that we are coping relatively well with the economic crisis," Fisher told Peres. "Safeguarding financial stability in 2008 was a special challenge in light of the global crisis. In my opinion, we have coped very well with this test, but we still have not reached the end of the story, and we still have not seen the low point of the recession."

Peres told Fisher at the beginning of their meeting that "Our mood can have an influence on the economy — and we can control our mood. I think it is important that we not sink into melancholy. As your reports say, in comparison to other countries, we find ourselves performing above the average. I am sure that the encouragement of Israeli creation and inventiveness can bring positive change to the economy."

Fisher told Prime Minister Benjamin Netanyahu upon the presentation of the report, "The fact is that the Israeli economy is in relatively good condition — that is, much better than most of the states in the U.S., Europe and even some Asian countries."
 

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