Developed country

From ArticleWorld

A developed country is one that has a relatively high standard of living that is sustained by an industrialised, diversified economy. This usually coincides with countries that have a high gross domestic product. Some countries have achieved a temporary high gross domestic product through natural resource exploitation, without developing the diverse industrial and service-based economy necessary for long-term developed status. Different theorists often see different reasons for why certain countries enjoy a high level of economic development. Some others say that rich countries grew wealthy by exploitation of poorer countries in the past. Many argue that economic development requires some combination of representative government, a free market economic model, and a general lack of corruption.

According to the United Nations Statistics Division: β€˜β€™In the United Nations system there is no established convention for the designation of developed and developing countries or areas. In common practice, Japan in Asia, Canada and the United States in North America, Australia and New Zealand in Oceania, and Europe are considered developed regions or areas. In international trade statistics, the Southern African Customs Union is also treated as a developed region and Israel as a developed country; and countries of eastern Europe and the former U.S.S.R. countries in Europe are not included under either developed or developing regions.’’

Developed countries

In general, organizations such as the World Bank, the International Monetary Fund and the Central Intelligence Agency agree on this list of deveopled countries: European Union member states:

  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Portugal
  • Spain
  • Sweden
  • United Kingdom

Non-EU Europen countries:

  • Andorra
  • Iceland
  • Liechtenstein
  • Monaco
  • Norway
  • San marino
  • Switzerland
  • Vatican City

Non-European countries:

  • Australia
  • Canada
  • Japan
  • New Zealand
  • South Korea
  • United States
  • Singapore