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Tuesday, July 28, 2009

'Israel is on the right track'

Faced by increasing numbers of positive economic indicators, analysts are starting to agree that Israel's economy has bottomed out.

"We're on the right track. We may have even passed the turning point," said Ayelet Nir, chief economist of Tel Aviv brokerage IBI, yesterday.

A year ago a statement like that would have evoked a bitter snort. Yet less than a year after Lehman Bros. collapsed with a roar heard around the world, macro analysts are smiling anew. Gil Bufman, chief economist of Bank Leumi,