December 14, 2007

Miracle in the Holy Land

Israel is still the apple of G-d's eye. From Miracle in the Holy Land:

Little noticed amid the grim Middle East headlines, a Jewish state founded by European socialists and long hobbled by stagnant growth and inflation is turning into a mature market economy. This ongoing transformation is no less dramatic than Eastern Europe's since 1989. The third consecutive year of strong growth, up to 5.5% in 2007, is driven by exports of software, pharmaceuticals, consulting and other services. The government in 2005 tapped Stanley Fischer, formerly No. 2 at the IMF, as central bank chief. Inflation is around 2%, down from 400% in the 1980s and the shekel is stable. Strong human capital and an opening market are the best resources any country could ask for - a good lesson for the oil-rich Middle East. And while far from finished, the mini-revolution of recent years ties Israel into the world, and vice-versa. That's good news for its future prosperity and security.