“Israel’s economy has strong fundamentals, but the country needs to address productivity, inequality and poverty if it wants to improve well-being and reduce socio-economic divides, according to the OECD’s latest Economic Survey of Israel. The release coincided with the fifth anniversary of Israel’s accession to the OECD. The Survey was presented by OECD Secretary-General, Angel Gurría, to Prime Minister Benjamin Netanyahu during a cabinet meeting today. The Survey says that improving productivity and raising living standards will require strengthening competition and efficiency in the domestic economy. The OECD report also highlights that boosting investment in infrastructure and promoting skills, particularly among disadvantaged groups can both enhance social cohesion and raise long-term growth. The OECD is also today releasing a study entitled Measuring and Assessing Well-Being in Israel. This report will complement an Israeli government-led initiative to publish information that helps improve measurement of “what matters most to people.” The report shows that, while Israel performs well and is among the best in the OECD in terms of life satisfaction, health status and educational attainment, it has poor outcomes compared to OECD averages in areas such as poverty, housing and air quality. Additionally, Israel has a high level of inequality, with the Israeli Arab and Haredi populations experiencing higher than average rates of poverty, and lower levels of labour force participation and educational attainment than is the case for secular Jews. This contributes to overall levels of human capital in Israel which are significantly below the OECD average…”
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