BREAKING NEWS

Fischer: Israel's standard of living 33% lower than US

By ADRIAN FILUT / GLOBES

DECEMBER 18, 2011 13:21

Bank of Israel Governor Prof. Stanley Fischer said on Sunday that "Prices in Israel are high," and that the standard of living, "is not the same as in the US, but about two-thirds as high."

Speaking at the Conference on Corporate Governance, Family Firms, and Economic Concentration, at the Hebrew University of Jerusalem, Fischer said, "The Israeli economy is open, but there are aspects that are closed. It is very hard to find inexpensive cheese. Our real income is high, but our standard of living is not the same as in the US. There is a feeling that this is a result of over-concentration, but it is also connected to agriculture that is not over-concentrated, but that does benefit from much protection."

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