As Benjamin Netanyahu concludes 12 years as Israel’s prime minister, what is the economic legacy he leaves behind?
Some might say that Netanyahu, a champion of free-market economics, has worked magic for Israel’s economy since he began his term in March 2009. Per-capita GDP grew 60% between then and 2020, from $27,500 to $43,689, and now places Israel among the top 20 nations in the world, while unemployment reached a record-low of 3.4% in the months before corona hit.
Israel’s hi-tech sector is legendary around the world for its innovation and growth, and billions of dollars are being pumped into the sector every month.
Consumer prices have declined in several categories, especially in the communications sector, and inflation, once a scourge disrupting economic activity, has become a non-factor.
Israel’s international credit ratings are excellent, the shekel is strong, and the country’s budget deficit swelled…