“Israel is an island of stability” in the current economic crisis, Israel Discount Bank CEO Uri Levin said, adding that its expectations for growth are higher than anywhere else in developed countries.
Speaking at The Jerusalem Post Conference in New York, Levin said the world economy is going through a significant crisis, and the world’s economic future is unknown.
“It is clear that change will be substantial,” he said, adding that the impact of raising interest rates to curb inflation, which many central banks are implementing, remains unknown.
Despite the bleak economic outlook, Levin said Israel’s economy stands out due to its strong and conservative banking system, its industrial system and the hi-tech sector.
He argued that despite the economic slowdown, growth in hi-tech is just beginning.
“The move from ‘start-up’ to ‘scale-up’ to building global, leading tech companies has an enormous impact on the Israeli economy and the Israel-US relationship. This means there is no boundary to the growth of Israeli hi-tech or the strength of the Israeli economy.”
Concluding his remarks, Levin noted that Israel has a unique opportunity for growth in the future, and that he has no doubt the US-Israel relationship will become stronger because it is beneficial to both sides.