Israel, which was one of the few nations to successfully weather the last global financial crisis, is now warning that a new economic meltdown is on the horizon.
Speaking at the Herzliya Conference on Wednesday, Bank of Israel Governor Stanley Fischer said the international community is facing an "approaching crisis" of which "we have a partial description."
Fischer pointed to newly published International Monetary Fund (IMF) forecasts that predicted a feeble 3.3% rate of economic growth for the coming year.
"When I was at the IMF ten years ago, we were talking about 3.5 for the global economy as the point between growth and recession," noted Fischer. "This figure (3.3%) is in recession."
Fischer is an internationally-recognized economic expert, and under his watchful eye Israel has continued with prudent policies that are likely to help it stand firm in the face of the next storm. But that doesn't mean Israel won't be affected.
"There is one figure here that influences all of us, and that is growth rate for world trade," Fischer explained. "For world trade [the IMF figure has] gone down from 6% to 4%. That is a very big drop."