International This is Why the People of Israel Are Prosperous Even Without Oil Entrepreneur – 3 hours ago

Jakarta, CNBC Indonesia – Even though it has a prolonged conflict with Palestine, Israel is not like other conflict countries which are poor. On the other hand, Israel is one of the richest countries in the world.

Unlike other Arab countries, Israel does not rely on state income from the oil industry. The Zionist country is known for its relatively most advanced manufacturing industry since the 1970s.

Report BBC International in 2022, he said that the country’s industrial progress could not be separated from the large number of experts who exodused from European countries during the outbreak of World War II to avoid persecution. In the 1970s, industries that had developed rapidly in Israel included fertilizers, pesticides, pharmaceuticals, chemicals, plastics and heavy metals.

A decade later, in the 1980s to be precise, many people who worked in Silicon Valley, United States (US) migrated to Israel. They established research and development centers for US technology companies, such as Microsoft, IBM, and Intel.

Then, in the 1990s, skilled engineers also came from former Soviet Union countries to migrate to Israel. Their arrival made the country even more blessed with an abundance of skilled human resources.

Not surprisingly, new companies in the technology sector continue to mushroom. The technology sector, which previously only contributed 37% of industrial products, increased to 58% in 1985, and again increased to 70% in 2006.

The large number of large companies in the technology sector certainly contributes large revenues to the Israeli government in terms of taxes, foreign exchange sources, or employment. This does not include royalties from patents created in Israeli companies.

Israel is also known to receive a lot of funding for research and technology development from other countries. Such as the US, Canada, Italy, Austria, France, Ireland, the Netherlands, Spain, China, Turkey, India, and Germany.

In the last two decades, Israel’s industrial output has indeed achieved international progress in the fields of medical electronics, agrotechnology, telecommunications, chemicals, computer hardware and software, and diamond cutting and polishing.

Citing data Trading Economics, Israel’s Gross Domestic Product (GDP) will reach US$522.03 billion in 2022. This amount represents 0.23 percent of the world economy.

Meanwhile, Israel’s GDP per capita was recorded at US$42,594 in 2022. This is up from US$40,802 in the previous year.

[Gambas:Video CNBC]

Next Article

This US Billionaire Refuses to Hire Pro-Palestinian Students