OECD lauds Israel’s economic growth

(JNS.org) The Organization for Economic Cooperation and Development (OECD) on Thursday praised Israel’s economic growth in 2013 and predicted that its economy will continue to grow in 2014 and 2015 at a rate that exceeds growth projections for the OECD’s other 33 member nations, Israel Hayom reported.

The OECD logo. Credit: OECD.

“Israel’s output growth remains relatively strong, unemployment is at historically low levels, its high-tech sector continues to attract international admiration, and new off-shore gas fields have come on stream,” the OECD said in the executive summary of its 2013 Israel Economic Survey.

The report projected that Israel’s economy would grow by 3.7 percent in 2013, compared to 3.9-percent growth in 2012. Growth projections for 2014 and 2015 were pegged at 3.4 percent and 3.5 percent, respectively. As a result, unemployment is expected to rise from its current historic low of 5.9 percent to a range of 6.6-6.9 percent. The OECD also praised the Israeli economy for being one of the most turmoil-resistant economies in the West, and for its high-tech industry.

Posted on December 6, 2013 .