The United States, Canada, Australia, Germany, France, Japan and South Korea are a few of the developed countries in the world. A country is classified as developed when it is a sovereign state with a strong economy and a technologically advanced infrastructure.Continue Reading
The commonly used criteria to evaluate whether or not a country is developed include its gross domestic product, level of industrialization, standard of living and its infrastructure. Developed countries also have economies that are primarily service-based. Two-thirds of the economic activity in the United States is located in the service sector, which includes jobs in public health, retail sales and education. Designating countries as developed and developing is not intended to make a judgment about a country’s development process, but rather to be used as a statistical convenience, according to the United Nations Statistics Division.
The level of education, health, literacy and life expectancy of a country’s population is also increasingly considered in the evaluation of a country’s development. This measurement is called the Human Development Index and was created by Indian economist Amartya Sen and Pakistani economist Mahbub ul Haq. Countries with a high HDI score generally have prosperous economies, but unlike per capita income, the HDI takes into consideration education and health opportunities created with the economic wealth. The HDI is based on the philosophy that people are the real wealth of a nation and has impacted how country development is measured around the world.Learn more about Economics