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