OECD report cites 3% increase in Israel’s economy, making it one of the strongest worldwide; Economic growth in 2018 already at 3.3%; Record number of tourists, low unemployment and strong population growth contribute to economic standing.
The Organization for Economic Cooperation and Development recently reported Israel’s economy as one of the strongest globally.
In a report released this week, the OECD cited Israel’s 15 consecutive years of “economic expansion” and low unemployment as factors for its growth and standing globally. It reported “The Israeli economy continues to register remarkable performance, with strong growth, low and falling unemployment and sound public finances leading to the 15th consecutive year of economic expansion.”
The OECD also reported that Israel’s economic growth has exceeded 3% in recent years, significantly higher than most countries with strong economies. This year, economic growth is already reported at 3.3%.
According to OECD Acting Chief Economist Alvaro Pereira, “The Israeli economy has grown faster and more consistently than nearly any other in the OECD for the past 15 years. Unemployment is at historically low levels, and the rise in people with jobs has had a significant impact on the continuing convergence of living standards in Israel with those in the most advanced economies.”
He added “Today’s excellent outlook offers Israel a unique opportunity to prepare for the challenges of the future, by taking steps to raise productivity, improve social cohesion and guarantee high quality of life for all Israelis.”
Tourism to Israel has never been higher. The Central Bureau of Statistics claimed over 3.7 million tourists visited Israel in 2017, a 25% increase from 2016. Tourism in 2018 has exceeded expectations, with a reported $817 million into Israel’s tourism industry this year alone. Over 556,000 tourists were reported to have visited Israel in January and February of this year, a 25% increase from last year and 56% increase from 2016.