Developed country
A developed country is a country that is technologically advanced and that enjoys a relatively high standard of living. In most cases, countries with a high per capita gross domestic product (GDP) are "developed countries." Some countries, however, have achieved a (usually temporarily) high GDP through natural resource exploitation (e.g., Equatorial Guinea oil; Nauru, phosphate) without developing the diverse industrial and service-based economy necessary for "developed" status.
Synonyms include industrialised countries, more economically developed countries (MEDC) and the First World.
Other terms sometimes used to describe the developed/developing country dichotomy are first world/third world (the term second world referred to communist states during the Cold War); North/South; and industrialized countries/non-industrialized countries. The term Western countries has a similar meaning, but its connotations restrict its usage, especially in Asia.
Different observers and theorists often see different reasons for why certain countries (and not others) enjoy a high level of economic development. Many argue that economic development requires some combination of representative government (or democracy), a free market economic model, and a general lack of corruption. Some hold that rich countries grew wealthy by exploitation of poorer countries in the past, through imperialism and colonialism, or in the present, through the process of globalization.
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. [1]
According to various sources (e.g., World Bank, IMF, CIA World Factbook, United Nations), developed countries generally include the following:
Some of the sources cited above also consider the following countries as developed:
Despite their high gross domestic product (per capita), the following are generally not considered as developed countries because their economies depend overwhelmingly on oil production and export. Some of these countries, especially Bahrain, have begun to diversify their economies and democratize:
Some sources also consider Taiwan, Macau, and Hong Kong among the developed countries; however, the People's Republic of China, a developing country by virtue of its widespread poverty, claims them.
Categories: Development | Economic terms