section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Israel is considered the most advanced country in West Asia and the Middle East in economic and industrial development. As of October 2023, the IMF estimated its GDP at 521.7 billion dollars and GDP per capita at 53.2 thousand (ranking 13th worldwide). It is the third richest country in Asia by nominal per capita income and has the highest average wealth per adult in the Middle East. The Economist ranked Israel as the 4th most successful economy among the developed countries for 2022. It has the most billionaires in the Middle East and the 18th most in the world. In recent years Israel had one of the highest growth rates in the developed world. In 2010, it joined the OECD. The country is ranked 20th in the World Economic Forum 's Global Competitiveness Report and 35th on the World Bank 's Ease of Doing Business index. Economic data covers the economic territory of Israel, including the Golan Heights, East Jerusalem and Israeli settlements in the West Bank.
  
  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. Imports, totaling $96.5 billion in 2020, include raw materials, military equipment, investment goods, rough diamonds, fuels, grain, and consumer goods. Leading exports include machinery, equipment, software, cut diamonds, agricultural products, chemicals, textiles, and apparel; in 2020, exports reached $114 billion. The Bank of Israel holds $201 billion of foreign-exchange reserves, the 17th highest in the world. Since the 1970s, Israel has received military aid from the United States, as well as loan guarantees, which account for roughly half of Israel's external debt. Israel has one of the lowest external debts in the developed world, and is a lender in terms of net external debt (assets vs. liabilities abroad), which in 2015 stood at a surplus of $69 billion.
  
  Israel has the second-largest number of startup companies after the United States and the third-largest number of NASDAQ-listed companies. It is the world leader for number of start-ups per capita and has been dubbed the " Start-Up Nation ". Intel and Microsoft built their first overseas research and development facilities in Israel, and other high-tech multinational corporations have opened research and development centres in the country.
  
  The days which are allocated to working times are Sunday through Thursday (for a five-day workweek), or Friday (for a six-day workweek). In observance of Shabbat, in places where Friday is a work day and the majority of population is Jewish, Friday is a "short day". Several proposals have been raised to adjust the work week with the majority of the world.