"It is possible that we have passed the nadir of the financial crisis but it is still difficult to see the end of the real crisis and the return of the world economy to a stable situation," said Bank Hapoalim (LSE: 80OA; TASE: POLI) deputy CEO Zion Keinan at the Hebrew business daily "Kalkalist" conference in Tel Aviv today.
He added, "The more optimistic among economists believes that a certain recovery is expected towards the end of 2009 in the global economy. Others say that it will only happen in the second half of 2010. In any event it is probably already around the corner."
Keinan continued, "We are living in an environment of very cheap interest, which is unprecedented and it is clear that this environment cannot carry on for long. It is also clear that it will find expression at some time or another in the resurgence of inflation."
Keinan believes that the real crisis is still ahead of us. "We expect a year which will not be easy in the job market where the rate of unemployment is on the rise. I believe that it is possible to reduce unemployment through national projects investing in that will increase the potential for long-term growth in the economy."
Keinan called on the government to take emergency and unusual measures to use special budgets for state guarantees for external financing of infrastructure projects.
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