While Israel has done a better job of weathering most aspects of the economic crisis than most Western nations, the situation is starting to bear down on the Jewish state in the form of mass job losses.
Israeli banks have managed to come through the crisis relatively unscathed thus far, and overall the economy remains on good footing. But over the last month, a record 20,072 Israelis lost their jobs as employers either begin to suffer heavier losses or are gearing up to take a hit.
By comparison, only 11,800 Israelis were laid off in March 2008.
Prime Minister Benjamin Netanyahu has urged employers to avoid layoffs for the long-term good of the economy. But many Israeli businesses are export-oriented, and with traditional clients in America and Europe going under or cutting back on imports, the situation grows increasingly dim.
Want more news from Israel?
Click Here to sign up for our FREE daily email updates