Israeli Economy on the Rebound

Israel is attracting billions of dollars of speculative international capital, driving the reserves to (proportionally) Chinese levels. There is fear that we could be victims of a speculative operation like the one that sunk Thailand's baht (it was done by Soros). However, Bank of Israel Gov. Stanley Fischer stepped into the global spotlight late last month when he raised interest rates, the first major central bank chief to do so amid the global economic downturn. He has been drawing applauses for steering the economy into an early rebound. After slowing to a near-standstill this year, Israel's economy is forecast to grow 3.3% next year. There is much movement in the energy sector, as more and more gas and oil is being discovered in Israel.