Small FinTech start-ups as well as major tech giants are forcing their way into the market, for example by providing instant payment services with a speed and convenience unmatched by the traditional services that banks have on offer. In parallel, technologies with the potential to disrupt individual business models are being honed and refined, and made ready for the market.
As the debt/GDP ratio is very close to 100 percent and the average rate of interest paid by the government on its debt is about 6 percent a year, it transpires that the burden of servicing the government debt is about 6 percent of GDP. This means about NIS 33 billion a year! A huge amount by any measure.