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Stanley Fischer: Things do not look good

By GLOBES

AUGUST 1, 2012 12:06

"Things do not look good" for Israel and the world economically, Governor of the Bank of Israel Prof. Stanley Fischer told the Knesset Finance Committee Wednesday.

"We see growth forecasts for the US of just 2 percent. Europe is in a recession, and there will be very weak recovery next year," said Fischer.

Fischer added that, "Emerging markets are in slightly better shape. Global trade is growing, but slowly. Our exports will be weak next year, and for several years after that."

The Bank of Israel Governor also said that Israel currently pays 4% of GDP a year on interest for previously issued bonds, adding that reducing the deficit would lower this interest rate. "This amounts to about NIS 40 billion. With this money, we could do many things, which is why we must not let the interest rate rise," he said.

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