November 10, 2008 19:31
Israel's economy is less susceptible to risk than other developed countries such as the United States, Canada and the Euro Bloc, local daily Ha'aretz reported Monday on its website, citing a Merrill Lynch report.
According to the financial firm's report on the financial and economic vulnerability of 44 nations, Israel is only the 24th most vulnerable.
In a surprise reversal, Australia is considered the most vulnerable, due to a huge influx of foreign capital over the past five years, said the Merrill Lynch report.
Switzerland ranks number two, with the United States in 10th place and non-Western countries such as Mexico and Nigeria as the least vulnerable.
Less developed nations export less and have much less leveraged financial systems, though low foreign currency reserves and exposure to globalization can raise a country's riskiness, according to Merrill Lynch.
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Sources :
- XinHua: Merrill Lynch : Israel less vulnerable to economic crisis than U.S. and Europe, November 10, 2008 19:31
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