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Economy of Israel



Israel is considered one of the most advanced countries in Southwest Asia in economic and industrial development. In 2010, it joined the OECD. The country is ranked 3rd in the region on the World Bank's Ease of Doing Business Index as well as in the World Economic Forum's Global Competitiveness Report. It has the second-largest number of startup companies in the world (after the United States) and the largest number of NASDAQ-listed companies outside North America.

In 2010, Israel ranked 17th among of the world's most economically developed nations, according to IMD's World Competitiveness Yearbook. The Israeli economy was ranked first as the world's most durable economy in the face of crises, and was also ranked first in the rate of research and development center investments.

The Bank of Israel was ranked first among central banks for its efficient functioning, up from the 8th place in 2009. Israel was also ranked as the worldwide leader in its supply of skilled manpower. The Bank of Israel holds $78 billion of foreign-exchange reserves.

Despite limited natural resources, intensive development of the agricultural and industrial sectors over the past decades has made Israel largely self-sufficient in food production, apart from grains and beef. Other major imports to Israel, totaling $47.8 billion in 2006, include fossil fuels, raw materials, and military equipment. Leading exports include electronics, software, computerized systems, communications technology, medical equipment, pharmaceuticals, fruits, chemicals, military technology, and cut diamonds; in 2006, Israeli exports reached $42.86 billion, and by 2010 they had reached $80.5 billion a year.

Israel is a leading country in the development of solar energy. Israel is a global leader in water conservation and geothermal energy, and its development of cutting-edge technologies in software, communications and the life sciences have evoked comparisons with Silicon Valley. According to
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