In the left corner, Omicron is spreading rapidly in Israel, trapping tens of thousands of new victims daily. Credit card transactions were dropping off last week, as people were beginning to stay at home again.

In the right corner stands the Bank of Israel. signaling a strong argument for cautious optimism. Contrary to the Fed or the Bank of England, it is refraining from indicating that interest rates will rise soon. In fact, while acknowledging cautiously that Omicron may change things, the Bank of Israel Research Department assessment is that GDP will grow by 5.5 percent in 2022 and by 5 percent in 2023.

Is it just the march of tech that saved the Israeli economy in 2021? Last year, despite the lockdowns et al, the country saw record sales of cars, pumping a records 44 billion shekels (almost US$14 billion) into the treasury. So far, despite everything – including political instability and the ‘regular’ border threats – the government pays its bills, and with a bit to spare.

Not all is plain sailing. Clearly, inflationary pressures are beginning to bite, as reflected by food manufacturers revealing higher prices for early 2022. The labour market is becoming tighter, particular in the hightech sector, driving up salaries. And geo-political factors – such as the slowing of the Chinese economy and Putin’s assertiveness over gas exports – may also come into play somehow.

The start of 2022 is similar to that of 2021 – the economic skies ahead are full of clouds (and for most countries) and their colour remains undetermined for now. 2021 eventuated in 7% economic growth in Israel and record exports. 2022 will see …………. anyone want to guess?