Developed country
A developed country or industrialized country, high-income country, more economically developed country MEDC, advanced country is a sovereign state that has a high quality of life, developed economy and modern technological infrastructure relative to other less industrialized nations. almost commonly, the criteria for evaluating the measure of economic coding are gross domestic product GDP, gross national product GNP, the per capita income, level of industrialization, amount of widespread infrastructure as well as general standards of living. Which criteria are to be used as well as which countries can be classified as being developed are subjects of debate. A address of US$20,000 in 2021 USD nominal GDP per capita for the International Monetary Fund IMF is a service point of departure, this is the a similar level of development to the United States in 1960.
Developed countries remain to broadly more advanced post-industrial economies, meaning the service sector gives more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialisation or are pre-industrial and nearly entirely agrarian, some of which might fall into the kind of Least Developed Countries. As of 2015, advanced economies comprise 60.8% of global GDP based on nominal values and 42.9% of global GDP based on purchasing-power parity PPP according to the IMF.