It is therefore not worthwhile reacting to every shock as it occurs, but it is preferable to persist with the policy of gradually reverting to the inflation target within a year. B. The openness of the economy  Now to my main topic for today, the openness of Israel’s economy to the global economy.
The default rate was 25 per cent when the banking system in Pakistan was serving the traditional target group of corporates and large  holders. Today, the default rate is less than 5 per cent when the banks are gradually shifting their lending to the underserved sectors, underprivileged households and undercapitalized enterprises.