Developed country

  Developed countries
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World map showing country classifications as per the IMF[1] and the UN[2] (last updated 2022). "Developed economies" according to this classification scheme are shown in blue.

A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country[3][4]) 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 gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[5] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. A point of reference of US$20,000 in 2021 USD nominal GDP per capita for the International Monetary Fund (IMF) is a good point of departure, it is a similar level of development to the United States in 1960.[6]

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 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.[7]

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information". IMF.org. International Monetary Fund. Retrieved 2 June 2022.
  2. ^ Least Developed Countries Archived 17 May 2011 at the Wayback Machine (2018 list Archived 21 December 2019 at the Wayback Machine)
  3. ^ "Fiscal Policy and Inclusive Growth in Advanced Countries: Their Experience and Implications for Asia" (PDF). adb.org. Asian Development Bank. December 2014. Retrieved 8 July 2021.
  4. ^ "Advanced Countries Will Benefit Most from Progress in Technology, with Lesser Benefits to Other Nations". rand.org. RAND Corporation. 1 June 2006. Retrieved 8 July 2021.
  5. ^ Developed Economy Definition Archived 22 March 2016 at the Wayback Machine. Investopedia (16 April 2010). Retrieved 12 July 2013.
  6. ^ World Bank (1 January 1960). "Constant GDP per capita for the United States". FRED, Federal Reserve Bank of St. Louis. Retrieved 15 June 2021.
  7. ^ "Report for Selected Country Groups and Subjects". www.imf.org. Archived from the original on 4 March 2016.

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