We all have a tendency to praise ourselves for our achievements and blame external forces when things go wrong. But the truth is that some of the achievements in the Israeli economy in 2006 stemmed from the favorable condition of the world economy; almost everywhere, and in particular the emerging market economies, registered rapid growth and low inflation in 2006.
But even after taking into account the external factors, we may still attribute an important part of our economic achievements to our own actions. I'll start with macroeconomic policy.