but this will not represent a real increase. Since the mid-1980s, when oil prices dropped very sharply, the Arab economies have been suf- fering from serious financial and economic problems. Before the oil-price collapse, poorer Arab countries benefit- ed from generous foreign aid from the richer Arab states. Now they have to cope with little or no aid from these countries. Even more important were the millions of jobs that opened up in the rich oil states in the 1970s and first half of the 1980s. The remittances sent home by expatriate workers stimulated overall prosperity in their home countries. Now the future does not look bright. Saudi Arabia has accu- mulated a large foreign debt, which will probably grow. For- eign contractors have been com- plaining about lengthy delays in payments from the Saudi gov- ernment. If Israeli firms ever get a foothold in this market, they are not likely to receive better treat- ment. In general, stagnant economies do not make good cus- tomers. In fact, they might im- pose additional barriers on imports. In other words, the potential for Israeli exports is quite limited. In stark contrast is the recent announcement by the G7 (the United States, Canada, UK, Ger- many, France, Italy and Japan) that the recession in the indus- trialized countries was over. Because of the recession, total imports of these countries fell by /-) a whopping 6.5 percent in 1993 (to $2,527 billion), increasing the difficulties faced by those seek- ing to export to these countries. Despite the recession abroad, total Israeli exports rose 13 per- cent in 1993. Prosperity in the industrialized countries should give a major boost to Israel's economy, far more than the opening of closed or semi-closed Arab markets. Many believe that the removal of the secondary and tertiary boycotts, which presumably de- terred foreign investment in Is- rael, will lead to a major increase in such investments. This, too, is doubtful. Businessmen looking for in- vestment opportunities seek to > maximize their return while minimizing their risk. With or without the boycott, Israel has to compete with other countries for these investors. The so-called "industrializing" countries, mainly in the Far East and Latin America, which have high rates of economic growth, liberal economic policies, and of- ten very low labor costs, are of- ten more attractive to foreign investors. In some sectors, especially the EUPHORIA page 51 WE'LL HELP YOU FILL UP ALL You NICHES... COME ON IN, WE'LL KEEP YOU IN STITCHES! WE HAVE A TERRIFIC SELECTION AND THE BEST INSTRUCTIONS IN TOWN. - ASK ABOUT GIFT CERTIFICATES THE LEASE YOU C L AN DO. 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