By May 1996, that wave of immigration had slowed down and the economy was already showing signs of trouble. Nevertheless, the bare statistics tell a clear story. 34,000 apartments were sold in the first quarter of 1996. And only 20,000 apartments have been sold in the first quarter of 1997. Every economic indicator and every opinion survey shows tremendous public disenchantment with the economy.
Businessmen are worried.
Trade union leaders are concerned. Ordinary people are holding back on big purchases. The economy is entering a recession. Netanyahu's supporters used to say that while it was true that he'd never had the kind of political experience of say, Shimon Peres, Bibi was a professional economist. He has a Masters of Business Administration.