I have long argued that Israel will survive this terrible recession better than others, and possibly come through even stronger.

The jury will remain out for some months to come. However, when the local stock market rises around 24% since the beginning of March, it is time to take stock.

First, in comparison to global equity prices, the Tel Aviv Exchange is on par. Good start. And we know that current prices often reflect future expectations and known prospects.

Further, like counterparts around the world, Israel’s leading bankers have been muttering that “maybe” there are “signs” that “possibly” we are somewhere around the bottom of the trough. OK, so they would not place their fat salaries on an open table if there was not some basis for that.

Evidently, there are still hard times ahead. Sales of cars and household appliances have yet to pick up. Traditional industries have still threatening lay offs due to lack of credit.

I have identified 3 indicators, which together can form a solid base for hope.

Since the beginning of the year, the shekel has lost almost 10% of its value against leading currencies. Israel is an export driven economy. So this stat convert towards higher corporate revenues, and thus investment and employment.

There are some indications that high tech is beginning to recruit again. Just as significant, when you consider what happened to AIG, Udi Klein, the head of the insurance agent’s assoc in Israel, believes that the industry will be short of 1,000 workers over the coming year.

And of course, there have been at least 2 significant discoveries of commercial gas in the past few weeks. The revenues are liable to have a major benefit on the economy and its long-term health.

Were to now? The Finance Ministry. Due to electoral consideration, Israel has lacked macro economic leadership for too long. It is time for the civil servants and politicians to come up and implement strategic and structural policies that will make a difference.