Published On: Tue, Aug 2nd, 2016

Business Leaders Fear of Israel’s Economic Future: “the Lack of Economic Management Is a Danger to the Economic and Social Future of the State of Israel”

Heads of Israeli business organizations say In a letter to the prime minister, companies and well-educated people are leaving the country.

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Benjamin Netanyahu

 

Business leaders, have written to Prime Minister Benjamin Netanyahu a letter, urging him to set annual growth targets for the Israeli economy and to redefine the conduct of economic and social policy.

The signatories to the letter are Shraga Brosh, president of the Manufacturers Association of Israel, Dov Amitai, president of the Israel Farmers Association, Yair Seroussi, president of the Association of Banks in Israel, and more business leaders.

The group claim that a lack of economic management represents a danger to the State of Israel’s economic and social future. “We appeal to you out of genuine concern for the social and economic future of the State of Israel, and in the belief that by combining forces we will be able to improve the future of the state’s eight million citizens.”

They see the main causes of the economic situation in “an increasing regulatory burden, extreme damage to private property rights, rising costs of doing business, and an unprecedented wave of privately sponsored legislation, without international parallel, that has turned the Israeli economy into one of the most difficult places in the world to run a business.”

The letter further states: “In all branches of the private sector there is a growing trend of transferring business activity outside Israel. Even worse, because of the low level of disposable income in Israel in comparison with developed countries, economically strong and educated people are also choosing to transfer their place of residence outside Israel, and these trends pose dangers to Israel’s economic and social future.”

The business leaders seek to set a growth target of 5-6% annually for the Israeli economy, accompanied by targets for narrowing the gap in standard of living between citizens of Israel and citizens of the developed countries.

“We are asking you to instruct the economic ministries to draw up a multi-year strategic plan designed to meet these growth targets by substantially and immediately improving the business environment, with the aim of bringing about faster growth and boosting productivity and disposable income in the economy, ” the business leaders write. In addition, the signatories to the letter ask Netanyahu to give instructions that these changes should be part of the economic plan and the state budget for 2017-2018.

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