Minister of Finance Yuval and Steinitz and Ministry of Finance director-general Yarom Ariav will today present the cabinet meeting with a comprehensive economic survey entitled "The Israeli Economy - have reached the turning point?"
The quarterly survey will be presented in the wake of the recent spate of positive economic indicators.
Ahead of the today cabinet session, Steinitz was interviewed this morning by “IDF Radio" (Galei Zahal), and was asked if he will report to the government that the recession is officially over. He said, "That's being too optimistic. We are on the right path but we are not yet completely out of a very difficult situation. The Israeli economy is on the road to recovery, we've passed the lowest point and we are beginning to see growth. The fears and instability have evaporated largely thanks to the bi-annual budget that the government approved, and we now expect significant growth in 2010.
The positive indicators that Steinitz and Ariav will stress when they address the cabinet today include the large rises on the Tel Aviv Stock Exchange and other global stock markets, the 1% annualized growth in Israel during the second quarter of 2009, higher direct and indirect taxes collected in June, the rise in the Bank of Israel's State of the Economy Index, the improvement in the industrial production index and production in the commercial sector and the improvement in the Procurement Managers Index.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2009
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