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Manufacturers: 8,000 jobs at risk due to shekel's strength

אוקטובר 7, 2010. Globes: Yuval Azulai

The continuing strengthening of the shekel against the dollar is endangering expected growth in the Israeli economy. The Manufacturers' Association of Israel fears that it will also result in major layoffs as exports are hit. An analysis of the situation found that 8,000 employees in manufacturing industries are in danger of losing their jobs as the strong shekel effects the competitiveness of Israel's exports.

Manufacturers Association president Shraga Brosh sent an urgent letter to Minister of Finance Yuval Steinitz several days ago. He demanded that Steinitz take action to save the economy from the harm done to Israeli industry by the strengthening of the shekel.

Brosh told "Globes" today, "If I was the Minister of Finance and my name was Yuval Steinitz I wouldn't be able to sleep at night. This is a real danger to our positive growth forecast. It should be taken into account that the rise in growth recorded over the last year in exports stems mainly from Teva and Intel. There are no small number of other companies that did not see a rise in exports but saw a fall. I'm talking about entire sectors."

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