For his part, Arafat too drew back, mobilizing whatever forces he could in order to isolate and undermine Netanyahu. For two years the Oslo process was stuck. No country that opened relations has broken them off, nor expelled diplomats, yet there is a general sense of marking time. Twelve joint ventures have gotten underway in Jordan, but others have stalled. The peace with Egypt has again turned cold.
Tourism remains down.
Only foreign investments appear to have escaped the curse for the moment, but these reflect high-interest rates, which have helped spin the country into recession. Yet with or without Netanyahu, this recession was bound to come. If the peace process, so-called, had stayed on track, the country would no doubt have done better, but there still would have been a leveling off. Inflation has dropped under Netanyahu and privatization has taken off as never before. This plan is on track.