Outgoing US Federal Reserve Chairman Alan Greenspan wrote in his new book “The Age of Turbulence: Adventures in a New World” that Israel’s economic growth demonstrates that economies can thrive even in times of violent conflict.

Greenspan writes that he draws encouragement from the ability of market economies to hold on in the face of violence and the threat of violence. He also cites Lebanon and Iraq as examples.

Globes reports that World Bank data indicate that Israel has succeeded in creating per capita income at a level that is almost the level of the US, and the same as in Greece and Portugal, despite the ingoing conflict and the Second Lebanon War.