(huliq).The governor of the Bank of Israel, Stanley Fischer says that the country's economy was hard hit in 2008 but that it is dealing with the current crisis relatively well.
The governor presented the Bank of Israel's report to President Shimon Peres and the country's new finance minister Yuval Steinitz on Sunday morning.
Asked by the president if he saw signs that the country was emerging from the crisis, he said "we see it in the financial markets which have been recovering. But what we have yet to see is a recovery in the real market."
"The report shows that we are coping relatively well with the economic crisis," Fisher told Peres. "Safeguarding financial stability in 2008 was a special challenge in light of the global crisis. In my opinion, we have coped very well with this test, but we still have not reached the end of the story, and we still have not seen the low point of the recession."
Peres told Fisher at the beginning of their meeting that "Our mood can have an influence on the economy -- and we can control our mood. I think it is important that we not sink into melancholy. As your reports say, in comparison to other countries, we find ourselves performing above the average. I am sure that the encouragement of Israeli creation and inventiveness can bring positive change to the economy."
Fisher told Prime Minister Benjamin Netanyahu upon the presentation of the report, "The fact is that the Israeli economy is in relatively good condition -- that is, much better than most of the states in the U.S., Europe and even some Asian countries."
Minister Steinitz says he is presently meeting with his economic advisors to come up with a program that will encourage growth.
