Teva chairman Hurvitz: The crisis has bottomed out

We in Israel should still be worried about unemployment. It's a plague."

Teva chairman Eli Hurvitz, one of Israel's top industrialists, is optimistic about the economy, but is still cautious about unemployment. "We in Israel should still be worried about unemployment. It's a plague," he said at Teva Pharmaceutical Industries Ltd.'s (Nasdaq: TEVA; TASE: TEVA) press conference following the publication of its financial report yesterday.

"I hope that this issue will not drag us into making wrong decisions, either at the micro or macroeconomic levels," Hurvitz added.

Commenting on the sense that the economic crisis has stabilized and the prevailing cautious optimism, he said, "There is, quite justifiably in my opinion, a sense that in the important countries, primarily in the US, that this crisis has bottomed out. In economics, things are not determined by results, but by expectations about the future. Belying what I've heard from colleagues operating in various sectors just a month ago, today we're already seeing smiles on their faces."

Hurvitz added, "I'm amazed at how some of us, Israeli exporters, will apparently able to continue increasing exports," despite expectations of a weakening dollar. He finds it hard to believe that the interest rate will not change, a fact that will affect both the market and the shekel-dollar exchange rate.

Published by Globes [online], Israel business news - - on July 29, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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