"I'm optimistic about a global economic recovery. The insight is straightforward. Let's look at the facts. Global GDP is $64 trillion, while Israel's GDP is $800 million, just 0.2% of global GDP," Motorola Israel general manager Elisha Yanay told “IDF Radio" (Galei Zahal) today.
Yanay added, "There is no global war or starvation. There was only a failure of the global capital market, estimated at $2 trillion to $20 trillion, while the global economy continues to produce about $60 trillion a year. Everyone expects that the correction will be at least 3% in 2009, while a correction of 2% will be considered a continuation of the recession. I think that the correction will be greater."
Yanay said, "Nothing will happen if the world takes a loan. It won't be a disaster. Israel's industrial exports total $40 billion, of which high-tech exports $20 billion, making them unquestionably the economy's locomotive."
Yanay proposed financing training instead of financing unemployment. He warned, "I fear for the 8,000 new university and college graduates. It is necessary to formulate a plan for them, they must be employed in a project and the National Insurance Institute should pay their salaries for several months so they accumulate experience."
He estimates the cost of his proposal at $200 million, which would pull the economy out of the mire.
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009