From 2003 to 2013, Israel’s GNP effectively doubled. An amazing stat by any standards. Yet, almost suddenly, the economic weather ahead does seem so clement. In the third quarter of 2014, the economy failed to grow for the first time in five years. Fitch has downgraded Israel’s financial outlook to “stable”, although not adjusting its credit rating.

So what seems to be going wrong? Blame the war with Hamas – certainly during three key summer months, businesses in the south of the country reported a downturn by around 30%. Blame the global downturn, and Israel is very dependent on export markets for its high-tech exports. Blame the continuing restrictive practices in certain key areas such as operation of the sea ports or fruit-vegetable distribution.

There is another, more intricate reason .

During much of the decade of success, the current Prime Minister, Benjamin Netanyahu, was very influential in guiding economic policy. One of his previous positions was that of Finance Minister. Love him or hate him, Bibi, as he is known locally, has been a key feature in the rise of the Israeli economy. Even the credit crisis of 2008-9 and wars with Lebanon did not significantly disturb the positive trends on the graphs.

Looking ahead, all is not doom and gloom. The economy is slowing down, but not in recession. The new revenues from off-shore gas supplies are beginning to come into play. Israel is a major player in the new sought-after field of preventing cyber attacks.

Unfortunately, it appears that the architect of this triumph may lack the skills to drive the economy towards the next stage. There are no serious plans to prioritise tackling structural problems – ports, lack of competition in the banking sector, etc. The government has no unified policy to redefine the housing market, which remains on the crust of a dangerous bubble. And the budget for 2015 is showing signs of not adding up. If correct, the erosion of fiscal care could immediately undermine Israel’s international credit rating.

This is where Bibi should be leading. Today he is absent. Tomorrow? The question is difficult to contemplate, let alone answer.

There remain many good economic stats. Unemployment has barely budged from the 6-6.5% level. Exports have held up, despite the summer war with Hamas. Conglomerates continue to seek to enter the Israeli retail market and set up r&d centres.

However, it is not a given that this momentum will remain in place. If Israel wants a further ten years of economic progress, Netanyahu needs to act. That does not mean a glossy speech, replete with clever rhetoric for his electorate. Israelis and the oversees business community are seeking firm targeted policies that will create new wealth in the Holy Land. Should they hold their breath?