In 1972 net government debt was as low as 6 per cent of GDP, but was back to 50 per cent by 1992 (Figure 1). •  Private debt data are not as readily available, but total mortgage debt – houses and farms – is estimated to have been around 140 per cent of GDP at the end of the 1920s.
It is because the reality in which Israel's economy operates today is the outcome of the macroeconomic strategy that was launched then and that has been developing constantly, not without difficulties and occasional disagreements, right until the present.