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Developed country

Group 1: Developed Country Criteria and Definitions: – Economic criteria dominate discussions – Income per capita is a key criterion – Industrialization level is considered […]

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Group 1: Developed Country Criteria and Definitions:
– Economic criteria dominate discussions
– Income per capita is a key criterion
– Industrialization level is considered
– Human Development Index (HDI) is a prominent measure
– United Nations notes the lack of established conventions
– Similar terms: Advanced country, industrialized country, MDC, MEDC, Global North country, First world country, post-industrial country
– Multinational corporations from emerging markets have unique patterns
– Not a binary distinction, over 200 unique countries

Group 2: Human Development Index (HDI) and Economic Indicators:
– HDI measures human development considering education and health besides income
– Top countries in HDI for very high human development
– Strong correlation between HDI and prosperous economies
– HDI accounts for more than income or productivity
– Countries with very high human development in 2022
– Taiwan’s self-calculated HDI places it in the very high human development category

Group 3: UNCTAD Members Classifications and Paris Club:
– Lists A, B, C, D, and To be assigned based on economic criteria like GDP per capita and industrialization
– UN considers developed economies to include specific regions
– Lack of established convention for classification
– Paris Club consists of 22 permanent members aiming to find solutions for debtor countries’ payment difficulties
– Paris Club involves officials from creditor nations and focuses on sustainable and coordinated approaches

Group 4: International Organizations and Reports:
– IMF, World Bank, and UN provide economic data and classifications
– Asian Development Bank researches fiscal policy and growth
– RAND Corporation studies technology’s impact on economies
– UNDP publishes Human Development Reports

Group 5: References and Economic Data Sources:
– IMF’s World Economic Outlook Database provides economic data
– Investopedia defines developed economies
– World Bank’s data helps classify countries by income level
– UNDP’s Human Development Reports assess countries’ progress
– Developed countries benefit more from technological advancements

Developed country (Wikipedia)

A developed country, or high-income country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. 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. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least US$22,000. In 2023, 40 countries fit all four criteria, while an additional 15 countries fit three out of four.

  Developed countries (IMF)
  Data unavailable

World map showing country classifications per the IMF and the UN (last updated April 2023). "Developed economies" according to this classification scheme are shown in blue. The map does not include classifications by the World Bank.

Developed countries have generally more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector. 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. As of 2023, advanced economies comprise 57.3% of global GDP based on nominal values and 41.1% of global GDP based on purchasing-power parity (PPP) according to the IMF.

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