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December 6, 2013 2:37 pm

OECD Lauds Israel’s Economic Growth

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The OECD logo. Photo: OECD.

JNS.orgThe 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.

“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.

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