Israel's Fischer says 5% growth rate needed

Bank of Israel governor Stanley Fischer told the Finance Committee Tuesday 26 September economic growth must keep a pace of least five percent per year for 10 years for Israel to reduce poverty significantly in the long- term.

"While it is certainly important to reduce poverty in the short-term [as well], if we do not maintain the desired growth rate, [Israel's] security and social condition will be weakened," he said.

"If we don't succeed in growing, we will pay a very high price, so there is