Daily Israel Report
13:03
Reported

News Brief

  7/30/2012, Av 11, 5772

Economic Measures Approved, Criticized


As expected, the cabinet approved, Monday, economic measures intended to reduce the anticipated 2013 budget deficit by 28 billion shekels. President Uriel Lynn of the Chambers of Commerce Association criticized the measures, saying the government was on a mistaken path, explaining, "The thinking that removing more money from the public and businesses can build a healthy economy is reminiscent of Mapai's economic policies in the 60 and - 70."

Lynn continued, "It is time the government remove patchwork budgets from the agenda and deal directly with structural problems in the economy. The basic approach of the government must be setting a budget deficit of no more than 2.5 percent of Gross Domestic Product and rational use of the budgetary resources available to us including a change in budgetary priorities."