Despite mounting protests over the rising cost of living—much-publicized in the Israeli media—newly released data show that the Jewish state is experiencing unrivaled economic growth. Gad Lior explains:
An economy that records an 8.1-percent annual growth is definitely not in distress. The Germans, the British, the Spanish, and even the Americans are green with envy. Consumption was up 19.2 percent in the last quarter of 2021, and 11.7 percent in all of last year. This a shopping bonanza the like of which we haven’t seen in a long, long time. It seems that whatever the Israelis held back in the first year of the pandemic, they’re making up for now.
Even businesses that previously saw their footfall collapse entirely suddenly picked themselves up off the ground. Customers returned hungrier than ever, looking for any excuse to go out shopping, to eat out, to go to the movies, or to enjoy a concert. . . . Likewise, Israeli industry and importers also emerged from the pandemic with flying colors.
The fact that the state budget was approved for the first time in nearly four years also helped economic growth. . . . As for the future, the market is expected to continue recovering, save for a catastrophic event such as a war or a super-violent variant. However, these record-high numbers can’t last forever and would be almost impossible to top.