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The History Of Israel

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Israel, a country of only 8.38 million people, has been thriving since it's independence in the year 1948. It runs as a vibrant democracy and the Prime Minister, Benjamin Netanyahu, has successfully lead a coalition government consisting of right-leaning and religious parties. This 8,019 square mile country, “has a modern market economy with a thriving high-technology sector that attracts considerable foreign investment” (heritage.org, 1). Israel is surrounded by much larger and hateful countries towards Israel, leading to multiple wars including the 2006 war against Hezbollah in Lebanon, the 2008-2009, 2012, and 2014 wars against Hamas in Gaze, and furthermore, the constant and daily threats of terrorism. But, although Israel experiences…show more content…
This is a very useful tool when you are trying to comparing countries to each other because it shows the relative performance of these countries (investopedia.com). Comparing Israel to other countries, in 2016 with the International Monetary Fund (IMF), Israel was ranked number 24 at $37,262, and with the World Bank in 2016 as well, it was ranked as number 22 at $37,293 (Economy of Israel). All of the GDP are converted into United States currency to even out the playing field and make it easier to rank all of the countries. While the GDP per capita can help compare countries to one another, an issue with it is that it doesn’t take into account the differences in cost of living as well as the fluctuations in the exchange rates of a country’s currency (wikipedia.org). Within the entire Middle East, Israel has the highest GDP, just about doubling Iran who is the second highest at $12,900 (Economy in the Middle East). By breaking down the percentages of the GDP in Israel, it shows that most of the GDP is towards services at 64.7%, then 31.2% in industry, and a small 2.5% in agriculture (Economy of Israel). A major contributor to Israel’s economy is trade. The value of the total exports as well as imports together equals to amount 59% of the total GDP (heritage.org).
A “comparative advantage is an economic law referring to the ability of
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