A draft report by the International Monetary Fund (IMF) opens, "Since the beginning of 2008 it appears that Israel has been acquiring safe haven status".
The IMF economists, who have been in Israel preparing their report, praised Israel's response to the recent economic crisis, saying that the aggressive monetary expansion, which included non-conventional methods, and giving an opportunity to automatic stabilizers to be expressed in 2009 with the adoption of a two-year budget for 2009-2010, all were put into effect at the right time and at the required level.
"Therefore," the report continues, "the challenge going forward is to formulate an effective exit strategy" but at the same time to "refrain from actions that are liable to worsen the situation in the case of a bigger than expected slowdown."
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2009
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