Tel Aviv financial business district
Shutterstock, eskystudio
Israel’s economy is complex and highly developed free-market, especially compared to neighboring countries. The country focuses mainly on industrial development because of its lack of natural resources. It has a strong technology sector that has given rise to many start-ups, second only in number to the US. Israel is also a hub of international investment with many large foreign companies setting up in the country as well. These sectors are also supported by the nations large venture capital industry, which has developed rapidly since the 1980’s. All of this economic growth and technological developement is due to Israel’s well educated population. The nation is also a member of the OECD, the Organization for Economic Cooperation and Development, and boasts a nominal GDP of $564.15 billion USD.
The small country has no significant natural resources, and not much land for cultivation of crops. Therefore, the nation depends on imports for its energy, food, and resources necessary for industry and the production of goods.
Sources:
https://en.wikipedia.org/wiki/Economy_of_Israel
https://www.britannica.com/place/Israel/Economy