Israel economy

The basis of economy of Israel

The economy of Israel is a kind of market economy which is diversified in nature. Israel economy has a state ownership of substantial kind along with a high-tech sector which has been developing in a rapid manner. Israel is poor in terms of natural resources. Therefore, the country’s economy is chiefly dependent upon the imports made in such products like food, petroleum, uncut diamonds.

Apart from this the economy of Israel is also dependent upon military equipment and other production inputs. During May 2007, it was quite prestigious for Israel when it was invited to join the Organisation for Economic Co-operation and Development or OECD. The Organisation for Economic Co-operation and Development or OECD is an international organization of as many as 30 countries and has its base in Paris.

The growth of Israel economy in the recent years

According to an estimation done by the International Monetary Fund, in the year 2006 the purchasing power parity or the GDP of the country reached $195 billion. On the other hand another estimation done by the World Bank found that the GDP or the purchasing power parity of the country in the year 2006 has been $179 billion.

The International Monetary Fund found out that the GDP per capita of Israel in 2007 has been $31, 767. It is according to an assessment done by the CIA World Factbook in 2006 that GDP per capita of Israel has been found out to be $26, 200. During the last quarter of the year 2006 the economy of Israel grew by eight percent as per its economy is concerned. The rate at which Israel economy grew in the last quarter of the year 2006, is faster compared to its counterparts in the Western countries.

The various sectors of Israel economy

Processed foods, metal products, chemicals and transport equipment, electronic and biomedical equipment are the main industrial sectors which are included in the Israel economy. A service sector of substantial form is possessed by Israel. The center of polishing and cutting of diamonds for the whole world is taken care by the diamond industry of Israel.

In the arena of software development Israel is considered to be the leader of the world. Israel is even regarded to be a most important destination for tourism. The economic environment of Israel has been praised by some of the best known business tycoons and American billionaire like Donald Trump, Bill Gates and Warren Buffett.  Berkshire Hathaway has made its first investment outside USA in this country at the time of its purchasing of ISCAR Metalworking.

Software companies like Microsoft and Intel has made its first research and development center outside USA in this country. Thus the country came to be known as Silicon Wadi because of this reason.

The contribution of Benny Steinmetz to Israel economy

Benny Steinmetz is a businessman born is Israel who is well-known throughout the world. The business of Benny Steinmetz has its reach throughout the whole world. The business activities of Benny Steinmetz have been prevalent in about 30 countries. Benny Steinmetz has contributed positively to the growth of economy of Israel. The main sector in which Benny Steinmetz’s business focuses upon includes engineering, diamonds, natural resources and real estate.

Leave a Reply