Learning from Israel ( a small country of Mid East)

Israel is the third most prosperous country in Asia, after Singapore (Largest financial capital) and Quarter (Oil economy). While Israel doesn't have abundant natural resources, it has the highest expenditure in Research and development in the world in terms of GDP. Its R&D expenditure is 5.8% of its GDP, which has contributed to Israel's economic success and relatively high standard of living. Its per Capita Income has increased to USD 58,000. Their high expenditure on R&D has contributed to significant development in its high tech. It has resulted in Israel having a robust and thriving high-tech industry, particularly in areas such as cybersecurity, software development, and medical technology. This sector has attracted significant foreign investment and contributed to economic growth. Secondly, due to its emphasis on R&D, Israel places a strong emphasis on innovation and entrepreneurship. It has a culture of innovation fostered by a well-developed ecosystem of startups, research institutions, and venture capital firms. Thirdly, Israel has a highly educated workforce with a strong focus on science and technology. It invests heavily in education research and development, contributing to its economic competitiveness. Fourthly the emphasis on R&D has resulted in Israel’s significant defence industry and exports of military technology and equipment to various countries, contributing to its economy.

Thus we can conclude that without having natural resources, a country can make significant progress by bending the large population towards innovation, research and development.