Economic development

Developed country A developed country, industrialized country, or “more developed country” (MED), is a sovereign state that has a highly 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 (GAP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. [l] Which criteria are to be used and which countries can be classified as being developed are subjects of debate.

Developed countries have 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 industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian. According to the International Monetary Fund, advanced economies comprise 65. 8% of global nominal GAP and 52. 1% of global GAP (APP) in 2010. [2] In 2011, the nine largest advanced economies by either nominal GAP or GAP (APP) are the United States, the United Kingdom, Germany, France, Japan, Italy, Canada, Spain and South Korea. ][4] developing countries A developing country, also called a less-developed country (OLD),[I] is a nation with a lower living standard, underdeveloped industrial base, and low Human Development Index (HID) relative to other countries. [2][3] There is no universal, agreed-upon criterion for what makes a country developing versus developed and which countries fit these two categories, although there are general reference points such as a nation’s GAP per capita compared to other nations.

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Countries with more advanced economies than other developing nations but that have not yet demonstrated signs f a developed country, are often categorized under the term newly industrialized countries. [4][5][6][7] Developing countries are, according to certain authors as Walt Whitman Roosts, countries in transition from various traditional lifestyles towards the modern lifestyle begun by the Industrial Revolution in the eighteenth and nineteenth centuries. Preference A variety of terms such as developed, developing, less developed, underdeveloped, undeveloped are used to classify countries according to their economic status based on per capita income, industrialization, literacy rate, living standards etc. MIFF and World Bank have statistical measures for the convenience of classification, though there are no definitions for this classification and many developing and under or undeveloped countries are critical of this terminology.

Developed countries have industrial growth, whereas developing countries depend on the developed countries for help to establish their industries. Developed countries enjoy flourishing economy, whereas developing countries begin to taste the growth of economy. Developed countries experience marked development and growth in the areas such as transportation, business and education. Developing countries are in the beginning stages of development in the areas of education, business and transportation. Developing countries are characterized by many shortcomings.

These shortcomings include less awareness regarding matters relating to health, poor amenities, shortage economic development By Birmingham rate. The most important and worrying factor in the developing countries is the factor of poor nutrition. Poor nutrition to both mothers and infants is the main concern in the developing countries. Due to high birth rates, the probability of natural diseases is more in developing countries. Hence the death rates are also eventually high in developing countries.

Since natural diseases increase by high rates in the developing countries, they will have short population doubling time. This is not the case with developed countries. Developed countries are characterized by a low death rate and low birth rate as well. There is usually a very small gap between the two rates in developed countries. In the case of developing countries there is usually a big gap between the birth rate and the death rate. Infant mortality factor is influenced by the development factor of countries. A developing country for that matter would have higher infant mortality than a developed country.

Developed countries are not characterized by shortcomings. They are well-developed in all fronts and are served well by water supplies, amenities, educational institutions, health care concerns. This is because of the fact that people are endowed with awareness about every possible aspect relating to human existence. The absence of shortcomings in the developed countries is possibly due to the fact there is a low birth rate in these countries. Nutrition is available in plenty to mothers and infants in developed countries.