Getting Ready for OECD Membership

Bank of Israel Governor Stanley Fischer yesterday presented a survey of the economy's achievements over the past year - despite the global economic crisis - to a delegation of visiting top officials in the Organization for Economic Cooperation and Development. Israel is set to be accepted as a full member of the OECD in the first half of 2010.

The delegation is updating its information and drawing up a report as part of the procedure for Israel's acceptance. The OECD's economic committee will discuss the report in November in Paris.

The OECD team will also meet with key Israeli policy makers, including the finance minister and senior treasury officials, the education and welfare ministers, the Knesset Economic Affairs committee and the heads of the Histadrut labor federation and the Manufacturers' Association. The team will be here until Thursday.

In its meeting with Fischer and central bank officials, the BoI governor reviewed the economy over the past year and the means employed to meet the challenges of the global crisis. Fischer took note of the recent upward adjustment of growth forecast for this year and next (see article on this page). The central bank is now forecasting growth of 0% this year and 2.5% in 2010.

Fischer told the delegation that OECD membership and strengthening economic cooperation with other developed economies is seen as highly significant.