Word: sharef
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Dates: during 1968-1968
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...instead of going into bankruptcy, the Israelis are celebrating what they call a boomchik. Recently, in the midst of the Jews' annual Succoth harvest festival, Finance Minister Ze'ev Sharef officially hailed the end of the three-year economic downturn. "All signs show that we have finally overcome stagnation," he said. "There are no longer any real obstacles to our development...
Eventually, aircraft sales will help lift exports. Though expected to top $1 billion this year, exports are still far short of covering expected imports of $1.7 billion. This year's payments deficit will reach $600 million, compared with $425 million last year. Finance Minister Sharef figures that his treasury's healthy $900 million in reserves will tide the country over until Israel...
Still, the labor market is so tight that inflation is a constant danger. Eying next year's elections, some left-wing groups are already pushing for a general 10% wage increase. Even so, the country displays a confidence that borders on cockiness. This month Sharef declared a 15% cut in tariffs, except for autos, and he has scheduled further reductions for January. By rather boldly opening its borders, Israel expects to fight inflation at home and at the same time test its industry against international competition...