A special report released by the Bank of Israel states: "Low productivity greatly affects the standard of living."

• Ashdod Port // Photo: Moshe Shay

"Labor productivity in Israel is 24% lower than the OECD average, and has a significant impact on citizens' living standards. Only raising labor productivity will raise living standards in the coming decades." The Governor of the Bank of Israel, Prof. Amir Yaron, said this to President Reuben (Ruby) Rivlin.

The two met yesterday at the President's house. Prof. Yaron reviewed the findings of the special report "Raising the standard of living in Israel through increasing productivity," recently published by the Bank of Israel's Research Division. Made in Israel in one hour.

According to the report, labor productivity in Israel is 24% lower than the OECD average, and has a significant impact on the standard of living of citizens. The tax recommends substantial reforms in education, regulation and business environment, transport and business capital. In addition, in the field of education, it is found that the quality of education of employees directly affects the productivity of their work.

Governor Yaron said, "It is our duty as policy makers in Israel today to take the necessary steps to prepare the economy and the economy for the following decades: To invest wisely in education, infrastructure, and improve regulation and business environment. ".