The 2013 “Globes” Israel Business Conference on December 8-9, will try to analyze the condition of the global economy and examine whether the recovery, led by the economies of the US and Europe, is real. On one hand, US economic policy has succeeded in beating the crisis forecast that hung over it, while on the other hand, Spain and other European countries have had their first growth after years of crisis. But the threats remain, and they are great. Once again, the US has just avoided default by the skin of its teeth, and bought some relief for its economy. At the same time, it seems that the US has become addicted to “cheap money” and the helicopter of Ben Bernanke, who has decided to hand the task of initiating the exit strategy to his successor. In Europe, despite the rally in leading indices, the level of unemployment, especially among the young, remains high and dangerous, and the need for structural reform in and a and deepening of the EU are growing more urgent.
On the other side are the emerging markets, including China, India, and Brazil, which have begun to downshift. Their high growth rates of the previous decade now seem like a fleeting episode that will not be repeated. Together with the decline in growth rates, it seems that these economies desperately need thorough restructuring, which if not implemented immediately, threaten their economic achievements.
An equally important question is how these processes and movements in the global economy affect the Israeli economy, which demonstrated economic and financial soundness during the years of the crisis, but is undergoing a prolonged rise in the cost of living, accompanied by soaring real estate prices and widening social gaps between sectors of the population.
The first day’s plenum session will be opened by President of the State of Israel Shimon Peres. It will be followed by a special debate on the global economy in 2014, moderated by Richard Quest, the host of CNN’s “Quest Means Business”. The participants will be PIMCO global strategic advisor Prof. Richard Clarida, a Lowell Harris Professor of Economics at Columbia University and the US Assistant Treasury Secretary for Economic Policy in 2002-2003; former CEO of Deutsche Bank AG Dr. Josef Ackermann; China International Capital Corporation chairman Jin Liqun; and “Financial Times” associate editor and chief foreign affairs commentator Gideon Rachman.
The second day’s opening plenum session will discuss Israeli business sector growth, and will host former Governor of the Bank of Israel Prof. Stanley Fischer, Israel Chemicals Ltd. (TASE: ICL) president and CEO Stefan Borgas, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) president and CEO Dr. Jeremy Levin, and Prof. Alan Dershowitz of Harvard University, and a prominent defender of Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2013
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