Israel’s Economic and Political Outlook
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Israel’s Economic and Political Outlook

Benjamin Netanyahu
World Economic Forum, 2014
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In his oration to the World Economic Forum, Benjamin Netanyahu, Israel’s prime minister, explains the five factors responsible for Israel’s reputation as the “Start-Up Nation.” Though much of his presentation is a business pitch to attract inbound investment, Netanyahu also outlines why Israel has excelled in innovation. getAbstract invites you to take a peek at his blueprint for transforming Israel into a “science and technology incubator.”

Summary

According to Prime Minister Benjamin Netanyahu, “Israel is the epicenter of world innovation” because it nurtures entrepreneurship as well as science and technology. To foster innovation, a nation must maintain a budget surplus and establish favorable macroeconomic conditions. In 2003, Israel’s economy was contracting, inflation was high, unemployment was at 11% and one of the country’s major banks was on the verge of collapse. Netanyahu, then finance minister, saw that the public sector had grown too large and was suffocating the private sector. To redress this imbalance, the government cut public spending, reduced taxes and promoted competition. More recently, Israel passed legislation...

About the Speaker

Benjamin Netanyahu is the prime minister and a former finance minister of Israel.

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