Difference between Developed Countries and Developing Countries

Countries of the world are classified by various terms to describe the level of infrastructure present. These include terms such as developed, developing, less developed, underdeveloped, and undeveloped. It is difficult to quantify the difference between developed and developing countries, but the gross domestic product (GDP) or gross national income (GNI) per capita are the parameters we commonly use to measure a country’s economic development, and this classification system is meant to show which countries are prosperous and able to help other countries, and which countries need the help of other countries.

But what makes a country a developed country?

According to the United Nations, developed countries are industrialized, have a high standard of living, and have rapid economic growth. They also have low poverty and unemployment rates and relatively even income distribution.

Developed Countries

Developed countries generally have advanced technological infrastructure and diversified industrial and service sectors; citizens have access to good health care and higher education. In addition, these countries generally have advanced post-industrial economies.
Whether a country is developed or not depends on a number of factors, such as political stability, gross domestic product (GDP), level of industrialization, social programmers, infrastructure, and citizen freedoms. The World Bank considers any country with a gross national income (GNI) per capita of $12,536 or more to be high-income and therefore developed. The remaining countries are considered developing because they haven’t yet reached this threshold. When assessing the level of development of an economy or country, non-economic factors such as the Human Development Index (HDI), which combines a country’s level of education, literacy, and health into a single figure, may also be taken into account.

Developed countries – Example

The latest United Nations Development Report was released in December 2020 and calculates HDI scores based on 2019 estimates. Below is the list of countries with “very high levels of human development”.
Norway-Ireland-Switzerland-Iceland-Hong Kong, China-Germany
Sweden-Australia-Netherlands-Denmark

Developing Countries

According to the UN, developing countries are countries whose standard of living, gross national income (GNI), gross domestic product (GDP), and level of industrialization are approximately below average; have relatively little access to modern technologies; have an underdeveloped industrial base, and have a moderate to low human development index (HDI). This index is a comparative measure of poverty, literacy, education, life expectancy, and other factors for countries around the world. According to the UN, 126 countries were classified as “developing” in 2020. All developing countries are located in Africa, Asia, Latin America, and the Caribbean, and developing countries have tended to have higher growth rates than developed countries since the late 1990s. These countries typically have a gross national product of less than $1,890 per capita (as defined by the World Bank in 1986).

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Developing Countries – List

According to the IMF definition, there are 152 developing countries. The following is a list of countries that are considered developing countries:

Comparison Table for Differences Between Developed And Developing Countries

Summary

A developed country will always stand on its own feet, and it will prosper even if it does not receive much outside help. A developing country needs a lot of help in many different areas to function effectively.
Developing countries are countries that do not have an industrial infrastructure of the quality of developed countries. But when we talk about developed countries, they have extensive and developed infrastructure, and therefore most of their income comes from industry.

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Resources

https://www.investopedia.com

https://www.un.org

https://www.worlddata.info

https://www.igi-global.com