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Fischer to teens: Global economy is a mess By Moti Bassok Tags: israel news The state of the global economy is terrible, Bank of Israel governor Stanley Fischer told a class of high-schoolers on the Keshet television show "Studying Together" yesterday. Fischer's segment of the show was devoted to teaching the young of southern Israel about economics and the global financial crisis. On the bright side, Fischer predicted that the United States will start to show signs of recovery before the year is out. On the downside, the Bank of Israel will shortly be lowering its growth forecast of 1.5% for the country in 2009, he said Israel's economy will not be able to recover before the global economy picks up, the governor noted. U.S. economic growth will be sparked by plans that the Obama administration means to institute, Fischer said, adding that the first signs of rebound are modest and people tend not to notice them. Furthermore, the main thrust of rallying will come about in 2010, he predicted. Advertisement As for Operation Cast Lead's impact on Israel's economy, it depends how long it lasts, Fischer explained: If it ends soon, its impact will be small. Israel is also deeply affected by the state of the global economy, as 45% of its GDP is export-oriented, the governor said. Bookmark to del.icio.us   From the bunker Hamas says Gaza won't break, victory over Israel is near. Banned Israel bans Arab parties from running in upcoming elections.

Read & React Legal expert: Rising Gaza death toll doesn't mean IDF acts are disproportionate Responses: 102 Sources: Hamas leaders hiding in basement of Israel-built hospital in Gaza Responses: 72 IDF: Hamas rocket fire down 50% since start of Gaza op Responses: 28 Gideon Levy: Israel's leaders will pay for the bloodshed in Gaza Responses: 55 Aluf Benn: Israel has a double standard when it comes to UN resolutions Responses: 42 More Headlines 23:21 IDF soldier seriously hurt in Gaza, possibly by friendly fire 01:03 Haniyeh: Hamas is willing to negotiate on Gaza cease-fire 00:54 Israel bans Arab parties from running in upcoming elections 19:35 Bush: Hamas must stop rocket fire if it wants Gaza truce 17:40 UN Human Rights Council condemns Israel over Gaza op 23:01 IDF reservist refuses to fight in Gaza over civilian deaths 16:55 Gaza War Diary IV - Can people die of ambivalence? 11:28 Amira Hass / Gazans doing their best to avoid becoming death statistics 18:20 Peres: The IDF has never been better trained, as sophisticated 18:20 Get up to the minute coverage of the warfare in Gaza directly to your email 22:59 Gaza rocket strikes Ashkelon home, residents flee to shelter 21:42 Israel voices concern over anti-Semitic attacks in Europe 18:43 Olmert: Gaza war won't end until rockets and smuggling stop 14:05 Immigration officials: Gaza op hasn`t deterred infiltration of migrants from Egypt 13:12 France vows to punish assailants who hurled firebombs at Paris synagogue 13:50 ANALYSIS / Israel's victories in Gaza make up for its failures in Lebanon Previous Editions Select Day 12 jan 11 jan 09 jan 08 jan 07 jan 06 jan 05 jan 04 jan 02 jan 01 jan 31 dec 30 dec

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