Israeli recession is over, prospects are good

Israel has high levels of economic, institutional and financial strength, and the country's recession now appears to be over, Moody's Investor Services said yesterday in its annual report on Israel.

The international rating agency left Israel's long-term government foreign currency bond rating at A1 with a stable outlook.

Moody's said Israel's economy has largely weathered the global meltdown, but warned the country's small size means robust growth hinges on developments abroad. It added short-term prospects were relatively good.