Tel Aviv: Bezalel Smotrich, Israel’s finance minister in the government of newly appointed Prime Minister Benjamin Netanyahu, will seek to boost competition in the economy as the country faces higher inflation and rising interest rates.
A 42-year-old lawyer, Smotrich said that Israel is facing a “challenging period” because of inflation and interest rate increases, speaking at a formal handover event with the outgoing finance minister.
He will seek to strengthen the economy, boost government revenue and then provide government aid to those parts of the population that need it most, he said.
Israel’s economy is set to slow this year, with growth predicted to be about 3% compared with about 6% in 2022.
Inflation rose to the highest since 2008 in November.
Smotrich used an opinion piece published in the Wall Street Journal last month to make his point that he would pursue “a broad free-market policy,” that would include removing price controls and “loosening” bureaucratic control over small businesses.
The Netanyahu government was sworn in last Thursday, following a Nov 1 election. — Bloomberg
