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Industry News
Manufacturers NewsManufacturers head very worried by crisisManufacturers Association president Shraga Brosh told "Globes" today that he was concerned by the unfolding financial crisis in the EU, and its possible effect on Israeli exports. "I am very worried, even if someone at the Ministry of Finance is calm. Steps should be considered for helping exports, which constitute 45% of total economic growth," he said.Brosh said that a third of Israel's exports go to the euro bloc. These exports have fallen 15% since the beginning of the year, due the shekel's sharp appreciation against the euro from NIS 5.70/€ to NIS 4.90/€. Brosh said that the plunge in the shekel-euro exchange rate came after two years in which the shekel appreciated against the dollar. "Without a doubt, if European countries cannot rescue a failing economy like Greece, the euro is liable to continue to slide, and growth forecasts which were around 4% will regrettably turn out to be wrong, and it will be necessary to cut them," he added.
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