that's not the only reason. it is also important that authorities finish implementing the measures we've all agreed are needed to address existing vulnerabilities. vulnerabilities that could lead to the next crisis, if they are allowed to persist. this calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. i wish for us to have the determination and collaborative spirit that the leaders in pittsburgh collectively felt. let's work together to finish what we started. let's stay sharp, focused and committed to preserving financial stability. and where better to express that commitment than in the city that never sleeps. 3 / 3 bis - central bankers'speeches

) have lower levels of productivity than the same industries in other advanced economies. focusing on the manufacturing industries indicates that productivity in these industries has increased relatively rapidly – reflecting, over time, the increase in the weight of high - productivity industries that are human capital and physical capital intensive, and a decline in the share of low - technology manufacturing. against this background, there was no long - term increase in employment in manufacturing. what are the main factors in the relatively low productivity of the business sector in israel? the first factor is the low capital inventory per employee, which reflects a low rate of investment in product compared to other advanced economies. here too, there is obviously a gap between various industries : in those that are technology intensive, investment grew relatively rapidly, and with it human capital and productivity, while in other industries – such as agriculture, trade and services, and low - technology manufacturing – where most of the output is intended for the domestic market, investment is relatively low, which is reflected in a slight increase in labor productivity. productivity is obviously also affected by the amount of innovation, which relies on research and development. the national expenditure on research and development in israel is higher than in other countries, reflecting the relatively high weight of technology - intensive industries, which are obviously also research and development intensive. however, over time, the government ’ s share of investment in r & d has declined, and it is lower than in other countries. there are naturally large differences between various industries in expenditure on research and development. however, we can see that internationally as well, the gaps in expenditure on innovation among the manufacturing sub - industries in israel are particularly large. while the communications industry and the medical devices industry invest much more in r & d than their peers in the oecd ( and we have also seen that productivity in these industries is higher when compared internationally ), the plastics and food industries invest far less, in international comparisons as well. alongside low investment in physical capital and in research and development, the low investment in professional training, and to a certain extent in technological education, is also prominent. effective and focused professional training is tremendously important for the ability to provide manufacturing with the human capital it requires, and a public discourse is currently taking place regarding how to most appropriately provide this training. another factor that negatively impacts business sector productivity is the business environment, as reflected in the world bank ’ s doing business index. according to this index, we fell two more places in the rankings in the past year