Here in Israel, the combination of demographic changes (an increase in the share of populations whose employment rates are relatively low, and a slowdown in the increase of the prime working age population) alongside the exhaustion of the contribution from an increase in education, as reflected in average number of years of schooling, will act to slow the growth rate in the future.
The ongoing global spike in inflation, due to, among other things, persistently high energy and food prices, remains an important risk. Looking ahead, global price movements will strongly depend on how quickly leading central banks respond to inflation challenges. Any delays will push up external price pressures.