Speaking at the beginning of today's cabinet meeting, Minister of Finance Moshe Kahlon addressed his remarks to the growth figures published last week by the Central Bureau of Statistics. He said, "It can now be said that 2016 will be remembered as one of the best years for the Israeli economy. Israel has also improved enormously in comparison with the OECD, placing among the leaders for its growth rate in the second half of 2016. In addition to growth, we are finishing the year with the lowest unemployment rate ever. What is really important for us, however, is that the figures to be published today by the Ministry of Finance chief economist show that growth is benefiting people who are economically disadvantaged. The disposable income of the bottom deciles grew faster than that of the top deciles."
Kahlon heaped praise on the Israeli economy, saying, "We are achieving these growth figures at a time when the ratio of debt to GDP is falling steeply. We increased spending for the social ministries, and attained a lower-than-expected budget deficit time after time. The actions we have taken over the past two years prove that there is no contradiction between a free and responsible economy and aid for poor people and the middle class. They used to say it was one or the other. We now see that both are possible."
Kahlon concluded his remarks by awarding credit for the achievements, saying, "These achievements can be credited to the government as a whole, the ministers, ministerial directors general, Ministry of Finance employees, and the MKs, who allows us to implement our policy. It's true that there were reforms that angered people, but that's what gets results. Without reforms and structural changes, you can't get achievements like these. Even if it upset certain groups, we'll continue with it."
Published by Globes [online], Israel Business News - www.globes-online.com - on February 19, 2017
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