The Western world, and especially the United States, is in the throes of a serious financial crisis, which is causing a significant slowdown in growth in the United States, and hence also in Europe, and a decrease in the volume of world trade. The Israeli economy will also certainly be affected by the slowdown in global growth.
This will probably come from two directions: a)  Through the influence of the financial markets. Even though the financial crisis hardly touched the Israeli financial system, it is having an impact. This is seen in price falls in the share market and a rise in the risk premium on the bond market.