Dec 29 2009
December 28, 2009 China View (Xinhua)
While 2009 was a year of despair for many of the world’s economies, Israel escaped the global financial crisis with a few scratches but no deep wounds. For Israeli economists such as Professor Arie Melnik of the University of Haifa, the last 12 months have been an “interesting” period. While Melnik’s Department of Economics introduced a couple of new courses dealing with aspects of the downturn in the world economy, he really felt little effect in Israel from global events. “We weren’t affected because our financial sector didn’t hand out the bizarre loans the Americans and Europeans distributed,” he said.