Bank Hapoalim (Switzerland) Ltd
More than ever, Israel remains an attractive market despite the victory of Hamas
Ein Dokument
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Zurich (ots) - "As is the case with financial markets in general, the Israeli stock exchange is tending to become less sensitive to events linked to geopolitical factors or to natural disasters", was the estimation of Professor Leonardo Leiderman on the occasion of a short speech, delivered in Zurich on the theme "Israel's economy in a changing Middle East", at the invitation of Bank Hapoalim Switzerland and of the Swiss-Israeli Chamber of Commerce. Commenting on the recent Palestinian elections, this Professor of Economics at the University of Tel-Aviv and Chief Economist of Bank Hapoalim - ranked no. 1 in Israel and 23rd amongst foreign institutions in Switzerland - is convinced that "as regards relations with Hamas, it will be necessary to display pragmatism".
Thanks to well-throttled inflation, annual growth in GDP of around 5%, to the fruits of an appropriate monetary policy and to incentive-creating fiscal measures, the Israeli economy is benefiting fully from favourable momentum, characterised by solid fundamental aspects. "This trend is likely to continue and even to strengthen", explains Leonardo Leiderman. Two elements have played a leading role in this improvement: the very sustained level of exports, with high-tech as its motor, and foreign investment, whose level is constantly rising. To such an extent that the Israeli stock market has become comparable with that of Japan. Nevertheless, there is room for Israeli shares in every portfolio. More than ever, the economic future of the Hebrew State will depend on global conditions somewhere in the world, in particular those affecting emerging markets.
Leonardo Leiderman presented the hypothesis that Hamas will end up adopting a pragmatic approach towards Israel and the western world, leaving the door open for foreign aid as well as for the start of new negotiations with Jerusalem. He added that as long as the United Nations Security Council failed to reach an agreement with Teheran concerning nuclear weapons, Iran would remain a risk factor. Despite the renewed uncertainty concerning the Middle East, Leonardo Leiderman ended on an optimistic note: as long as the security situation within the Israeli borders does not deteriorate and as long as global and monetary growth continue to follow this route , the Israeli economy will benefit from favourable momentum.
Contact:
Mrs. Anita Brunner
Bank Hapoalim (Switzerland) Ltd.
Stockerstrasse 33, 8039 Zurich
Tel. +41/44/283'82'10
Email: anita.brunner@hapoalim.ch