Former Bank CEO Backs Smotrich for Economic Achievements During War
Translated & summarized from Arutz Sheva by baba
A former CEO of three Israeli banks is advocating for Finance Minister Bezalel Smotrich to receive another term, citing significant economic achievements during the war. Key indicators show growth, a reduced deficit, and decreasing inflation, with strong investor confidence despite security challenges. The author highlights measures like tax cuts for peripheral areas and support for reservists as evidence of Smotrich's effective leadership.
The story in 5 lines · by baba
- Former bank CEO praises Finance Minister Bezalel Smotrich's economic leadership during wartime.
- Key economic indicators show growth, a reduced deficit, and falling inflation.
- Israel's debt-to-GDP ratio remains strong, attracting continued investor confidence.
- High-tech investments have surged by over 50%, and the risk premium has dropped.
- Measures include tax cuts for peripheral areas and increased support for reservists.
A former CEO of three Israeli banks has argued that the economic successes achieved during the ongoing war justify granting Minister of Finance Bezalel Smotrich another term in office. While acknowledging that not everything is perfect and that many are upset about specific issues, the author emphasizes the need to focus on the main achievements, particularly in the economic sphere.
The author, who previously managed the Adanim, Tefahot, and Union banks, stated that he feels a personal obligation to express his appreciation for Smotrich's work, especially in economics, a field that was not his specialty before entering public service. He described Smotrich as having deeply studied each economic issue with remarkable diligence and ability.
Despite the challenging wartime conditions and contrary to many expert predictions, the author points to several positive economic indicators. He noted growth in key metrics, a reduction in the deficit from 4.7% to 3.2%, and decreasing inflation leading to lower interest rates. He also highlighted Israel's strong debt-to-GDP ratio of approximately 68%, significantly lower than the OECD average of 111%, which he believes continues to attract investor confidence. High-tech investments have reportedly increased by over 50%, and Israel's risk premium has decreased by about 29%.
Furthermore, the Ministry of Finance under Smotrich's leadership has implemented measures benefiting citizens, such as tax reductions in peripheral areas and significant allocations for reservists. The ministry has also introduced special taxation for banks and begun addressing competition issues in the market. The author believes that Smotrich's performance warrants continued leadership to address remaining challenges and further improve the economy.
