There is no established convention for the designation of "developed" and "developing" countries or areas in the United Nations system. Īccording to the United Nations Statistics Division: This situation tends to lower the ranking of some of the most advanced countries, such as the G7 members and others. The index, however, does not take into account several factors, such as the net wealth per capita or the relative quality of goods in a country. This criterion would define developed countries as those with a very high (HDI) rating. More recently, another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. Another economic criterion is industrialisation countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. One such criterion is the income per capita countries with the high gross domestic product (GDP) per capita would thus be described as developed countries. Įconomic criteria have tended to dominate discussions. As of 2015, advanced economies comprise 60.8% of global GDP based on nominal values and 42.9% of global GDP based on purchasing-power parity (PPP) according to the IMF. They are contrasted with developing countries, which are in the process of industrialisation or are pre-industrial and almost entirely agrarian, some of which might fall into the category of Least Developed Countries. In 2022, 36 countries fit all four criteria, while an additional 17 countries fit three out of four.ĭeveloped countries have generally more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least USD$22,000. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. The map does not include classifications by the World Bank.Ī developed country (or industrialized country, high-income country, more economically developed country ( MEDC), advanced country ) is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. "Developed economies" according to this classification scheme are shown in blue. World map showing country classifications per the IMF and the UN (last updated 2022).
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