"What we've seen so far in the US is just the tip of the iceberg of the crisis."
"The Israeli government has been hesitant in taking decisions, and responding too little too late to successfully navigate economic in a time of crisis," says Deloitte Brightman Almagor Zohar chairman Igal Brightman. He made the comment at the CPA firm's conference on the "End of the tax year in the shadow of economic crisis" today.
Brightman noted the effect of the global crisis on Israeli companies. He said, "The business models under which many Israeli companies operated are no longer applicable. Every company must now review its business model in order to survive."
Brightman has just returned from a business trip to the US and China. He said that the global crisis was undermining the economic balance between East and West. "What we've seen so far in the US is just the tip of the iceberg of the crisis. The US faces a severe recession, and European countries, especially the UK, are in similar straits. At the same time, Chinese power is gathering strength."
Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008