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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.


Mrs. Anita Brunner
Bank Hapoalim (Switzerland) Ltd.
Stockerstrasse 33, 8039 Zurich
Tel. +41/44/283'82'10

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  • 03.01.2006 – 10:10

    Bank Hapoalim Switzerland completes merger with Bank of New York - Inter Maritime Bank, Geneva

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