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PHOTO BY AP/NATI HARNIK

Israel's economy
was destined to
slow up, but did it
have to be so
much?

R

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few days before last year's
election, Binyamin Ne-
tanyahu made a predic-
:tion to a crowd of
supporters: "I will be elected be-
cause of my policies on war and
peace, but I will leave my deep-
est imprint on the economy."
As Netanyahu begins his sec-
ond year in office, it is becoming
clear that the Israeli economy he
hoped to strengthen had turned
on him.
Recently, the Israel Finance
Ministry published a remarkably
gloomy economic forecast for
1997: Growth would be negligi-
ble, much lower than even the
modest predictions made at the
start of the year, and unemploy-
ment would use higher than orig-
inally feared.
There was more bad news: In-
flation for June turned out to be
twice as high as expected, mak-
ing it unlikely that the govern-
ment would reach its goal of
keeping it in single figures for
the year. And four more Israeli
cities entered the 10 percent Un-
employment Club, joining the
nine that were already mem-
bers.
What went wrong and can we
blame Netanyahu? Not entirely.
He inherited an economy with
high inflation — even higher
than now. But at the same time
Israel had one of the most dra-
matically expanding economies

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