Find more opposite words at wordhippo.com! Improve your vocabulary with English Vocabulary in Use from Cambridge. A developed country is a sovereign state with high industrial and Human Development Index compared to other countries. According to the World Bank, the following 34 members are classified as "OECD High-Income":[23][24]. The Global Governance Indicator is standardized on a scale of -2.5 and +2.5 points with the +2.5 being the highest standards of political stability signifying a developed nation. It is merely a thoughtless and destructive endorsement of GDP fetish. In reality, there are not two types of countries, but over 200 different countries, all faced with the same laws of nature, yet each with unique features. "[6], Economic criteria have tended to dominate discussions. This is usually done either by looking at how rich people are, on average, in different countries, or how well-developed the political system is. The dependent territories with HDI values equivalent to "Very high human development" were: Jersey, Cayman Islands, Bermuda, Guernsey, Gibraltar, Norfolk Island, Faroe Islands, Isle of Man, British Virgin Islands, Falkland Islands, Aruba, Puerto Rico, Martinique, Greenland, and Guam. Developed Countries Meaning Developed countries refer to sovereign states whose economy is far much better in terms of technological infrastructures. Synonyms: advanced, evolved, forward… Antonyms: backward, low, lower… Find the right word. [5], Mathis Wackernagel calls the binary labeling of countries as "neither descriptive nor explanatory. According to the United Nations Statistics Division: There is no established convention for the designation of "developed" and "developing" countries or areas in the United Nations system. According to the World Bank the following 82 countries (including territories) are classified as "high-income economies". The idea behind export diversification is that the more diversified the goods are going out of the country, the less risk the economy has of suffering a crisis should one of those goods lose value or demand. The Macanese government calculated the territory's HDI to be 0.868 in 2011. For the magazine, see. [12][18] The OECD's 37 members are known as the "developed countries club". Qatar: Qatar is considered as the richest state in the world. Thus, many "advanced economies" are characterized by an HDI score of 0.800 or higher. Others say it also has a relatively low Human Development Index.GDP per capita also contributes to the definition. However, this definition is not universally agreed upon. For example, the International Monetary Fund (IMF) identifies 39 "advanced economies". [11], The UN HDI is a statistical measure that gauges a country's level of human development. While there is a strong correlation between having a high HDI score and being a prosperous economy, the UN points out that the HDI accounts for more than income or productivity. Since 1990, Norway (2001–2006, 2009–2018), Japan (1990–1991 and 1993), Canada (1992 and 1994–2000) and Iceland (2007–2008) have had the highest HDI score. San Marino was later included in the IMF's list.[17]. UAE is considered as the second largest economy of Asia because it is the best provider of the world class business to the whole world. A developed country has freedom for its citizens and respects the law. The general public has access to clean water and environment, affordable and quality housing and access to other social and economic amenities in the country like access to emergency services are fast. [3] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. The criteria for measuring the economic development of any country is GNP, GDP, per capita income, better infrastructure and highest standard of living. Developing country definition, a country having a standard of living or level of industrial production well below that possible with financial or technical aid; a country that is … Antonyms for developed country include developing country, third-world country and less-developed country. For a developed country, the rate of industrialization and employment is high thus the general population depends less on agriculture. How do we define the term developing country? 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[4], Terms linked to the concept developed country include "advanced country", "industrialized country", "'more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first world country", and "post-industrial country". Many countries listed by IMF as "advanced", possess an HDI over 0.800, the threshold for "very high" human development. Such a nation will have higher export than imports hence the profits from the international trade will ensure that there is economic growth hence increase in industrialization. Some of the developed countries are Australia, the United States of America, Canada, Japan, Germany, and United Kingdom among others. The list below features some outstanding countries selected from the comparative table above with average data of quality (best place in rankings) and quantity (considered in how many of the 32 rankings) with an evaluation greater than 60%. Some of the developed countries are Australia, the United States of America, Canada, Japan, Germany, and United Kingdom among others. Ethiopia: This country has an HDI score of 0.442 with a life expectancy of 64.1 years. The HDI is always quantified and put on a scale between 0 and 1 with most developed having a score above 0.8. Secondly, goods produced by local industries are mostly consumed as opposed to imported products which might be inferior. There are several parameters used to determine the level of economic development of a country and they include Human Development Index, income per capita, political stability, industrialization, freedom and living standards of the general population, Gross national Product (GNP), and Gross Domestic Product (GDP). In a developed nation, the rate of child mortality at birth is extremely low, and the education is accessible to all. It is also very rich in the natural resources and that makes it one of the most developed Cou… Countries with relatively high levels of economic growth and security are considered to have developed economies. World Economic Outlook, April 2016, p. 148", "Human Development Report 2019 – "Human Development Indices and Indicators, Filling Gaps in the Human Development Index, "Appendix B. Many countries[Note 1] possessing an HDI of 0.800 and over are conversely listed by IMF as "advanced". What is the Difference Between the Vatican City and the Holy See. The Gross Domestic Product (GDP) is also used to determine the per capita value. It is not a country but actually a state that consists of almost seven emirates. Human Development Index (HDI) statistics rank the countries on the basis of their development. Developed: being far along in development. Gross National Income Per Capita A high per capita income calculated as the economic output of a … [19][20][21] The World Bank identifies 81 "high income countries". When considering HDI, access to good health care and child mortality rate at birth is considered while access to quality and free education, years spent in school and ability to incorporate learned knowledge to real-life situations are considered. 51 .See STRUCTURE OF INDUSTRY, DEVELOPING COUNTRY, ECONOMIC DEVELOPMENT. It is calculated by dividing the total income in a specific country by the total population of that country, and this value is always high in a developed country. In the less developed countries, there are a lot of restrictions and citizens cannot do whatever they like freely. A developed country (also known as an industrialised country or more economically developed country (MEDC)) is a country that has more businesses and infrastructures (roads, airports, electricity, etc) than a developing country.The numbers most used for measuring economic growth is gross domestic product (GDP) and per capita income (average money per person). Several factors determine whether or not a country is developed, such as the Human Development Index, political stability, gross domestic product (GDP), industrialization, and freedom. Additionally, while the HDI for the Chinese special administrative region of Hong Kong is calculated by the UN, it is not for Macau. Good Governance ensures that the level of corruption is low, transparency in running the government is high, and employment is based on merit and qualifications. How to use developed in a sentence. The Developed countries are also known as Advanced countries or the first world countries, as they are self-sufficient nations. [10], The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process. List of countries by Human Development Index, List of countries by GNI (nominal, Atlas method) per capita, Learn how and when to remove this template message, "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information", "Report for Selected Country Groups and Subjects", "Millennium Development Indicators: World and regional groupings", "Standard Country and Area Codes Classifications (M49): Developed Regions", "IMF Advanced Economies List. Industrialization and foreign trade. This refers to the average amount of money a person receives within one year in a specific region. A developing country is generally defined to a certain degree by its economic output. A developed country, industrialized country (or post-industrial country), more developed country (MDC), or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Geographically a part of Asia, geopolitically a part of Europe. As a non-UN member, the government of Taiwan calculates its own HDI, which had a value of 0.911 in 2018,[14][need quotation to verify] ranked 21 globally. 21 countries and territories in the Americas: * Between 1994 and 2009, as a part of the  Netherlands Antilles. 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