News Brief13:34 PM

(IsraelNN.com) Bank of Israel Governor Prof. Stanley Fischer presented his 2007 annual report to Prime Minister Olmert Tuesday. The report's major findings included 5.3 percent growth, a 15-year low unemployment rate, a reduction in poverty, balanced state budget and a current account surplus.  Fischer also said Israel's credit rating was raised by leading international investment companies, and noted that Israel has been invited to Organisation for Economic Cooperation & Development (OECD).

Prime Minister Olmert said: "There is no doubt that last year witnessed several unprecedented achievements for Israeli society – a growth rate higher than in Western Europe or North America, for the fourth year; an apparent decline in poverty, for the first time in 25 years; the lowest unemployment data in years and increased exports.  It is no coincidence that international companies have raised Israel's credit ratings and that investors continue to be confident… We expect growth to continue, even if at a slower pace than in previous years."