According to “The Economist”, the Jewish State’s ranking was “unexpected” due to the political instability created by multiple elections in a short time period.
By Nosson Shulman: Licensed Tour Guide of VIP Israel Tours & Authentic Virtual Tours (click here to check out his free trailer videos)
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In a surprising report, Israel has been ranked by “The Economist” as having the 4th best performing economy in the world. The report evaluated 34 countries of the OECD (essentially all of the “First World” countries). Five macroeconomic indicators were measured including growth, annual inflation, extent of inflation, stock market and public debt.
Israel’s economy grew by an estimated 6.3% in 2022, while their debt to GDP ratio fell from 68% to 60%. Although the country’s inflation rate rose to 5.3%, that is still approximately half the rate of most of the wealthiest countries. This was a huge surprise, because between 2019-2022 Israel had 5 elections and was without a stable government for almost that entire time.
The country with the best performing economy was Greece, which shrank its national debt to GDP ratio by 16%. Portugal and Ireland also outperformed Israel, while Spain was tied for 4th place with the Jewish State.
The United States, with an economy that grew only by 0.2%, ranked 20th while Germany (which is very politically stable) underperformed and ranked only 30th among OECD countries. The study also found that countries with the lowest inflation were the least likely to be dependent on Russian gas or oil.
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Nosson Shulman is a journalist and Licensed Tour Guide in Israel specializing in Biblical tours. To allow tourists to experience Israel during the Corona era, he created the new hit Israel tour video series which brings Israel to the home of viewers by simulating actual tours. To check out his free sneak preview tour videos, click here. To view sample tour itineraries or to inquire about private tour opportunities with a personalized itinerary on your next trip to Israel, click here.
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