The country's Basic Laws establish a parliament elected by proportional representation, the Knesset, which determines the makeup of the government headed by the prime minister and elects the figurehead president. Israel has one of the largest economies in the Middle East, one of the highest standards of living in Asia, the world's 26th-largest economy by nominal GDP and 16th by nominal GDP per capita. One of the most technologically advanced and developed countries in the world, it spends proportionally more on research and development than any other country in the world and is widely believed to possess nuclear weapons. Its culture comprises Jewish and Jewish diaspora elements alongside Arab influences.