From the time the International Monetary Fund started classifying countries as either “advanced economies” or developing, only 13 countries have graduated from the latter to the former. It is no easy task, after all, to build a modern economy. But in 1997, when it made its first such classification change, one of the five countries to get an upgrade was Israel.

The story of Israel’s economic development is an unusual one. Rising from the ashes of a brutal world war and flooded with refugees, the Jewish state had humble economic beginnings. Yet 66 years later, it is heralded as the “Start-up Nation,” known for its hi-tech prowess, scientific discoveries, patents and innovations.

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