In its latest emerging markets survey, “The Economist” notes that Israel has been one of the five fastest growing emerging markets in the past 20 years. Israel has risen 12 spaces from the world’s 48th biggest economy in 1980-84 to 36th biggest economy in 2001-05. “The Economist” ranked economies by size on the basis of their five-year average GDP in current dollars, and compared the rankings of 1980-84 with 2001-05.
“The Economist’s” report is a shot in the arm for Prime Minister Ehud Olmert, Minister of Finance Abraham Hirchson, and Governor of the Bank of Israel Prof. Stanley Fischer, given that, since 1980, the country has undergone two intifadas, the effects of two wars in Iraq and two wars in Lebanon - the only one of the 28 emerging economies to have such an experience.
The four fastest climbing countries are in Asia: Singapore rose 20 places from the world’s 59th largest economy in 1980-84 to 39th in 2001-05; Taiwan rose 14 places from 32nd place to 18; South Korea rose 12 places from 23rd place to 11th; and Hong Kong also rose 12 places from 42nd place to 30th. Israel climb matched those of South Korea and Hong Kong.
“The Economist” notes that China has risen only four notches to become the world’s sixth largest economy - but even in the early 1980s it was already the world's tenth-biggest economy in current dollars. India, perhaps surprisingly, has barely budged as the world’s 12th largest economy. Several oil producers have fallen down the rankings, despite the increase in oil prices towards the end of the period covered: Venezuela has fallen 12 place from 25th place in 1980-84 to 37th place in 2001-05; Iran has fallen 16 place from 17th place to 33rd; Nigeria has fallen 16 places from 33rd place to 49th, and Saudi Arabia has fallen to 15th place from 22nd.
Published by Globes [online], Israel business news - www.globes.co.il - on December 17, 2006
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