There are several aspects that determine whether a nation can be considered to be a developed country or not. These factors include, among others, a country’s gross domestic product (GDP), its level of industrialization, its quality of infrastructure and the living standards of its people.
GDP per capita can be described as the total of the goods and services produced in a country per year, which is then articulated in US dollar currency. Developed countries have a high per capita income, a higher standard of living with good infrastructure and usually a low poverty rate.
Here are five examples of some of the most developed countries in the world.
List of Developed Countries in the world
France has an exceptionally developed economy and is considered to be one of the most developed countries in the world and is the fourth-largest country in terms of average household wealth. It had a GDP of $2.707 trillion in 2019 and is the seventh-largest economy in the world. Furthermore, it is the second-highest economy in the European Union, which comprises 27 countries in total.
With its high-quality products, such as its signature cheese and wine, it is no surprise that France is the world’s sixth-largest agricultural producer as well as its second-largest exporter of agricultural goods. About 49% of France’s exports are received by other European Union states.
France is also one of the top tourist destinations in the world, with approximately 84 million visitors per year. The country’s tourism sector contributes about 7% to its GDP.
Considered to be one of the most progressive nations in the world with its advanced economy, Italy has the eighth-largest GDP in the world. It is also the third-largest economy of the European Union. The country has close trade relations with fellow European Union countries who make up about 59% of the country’s total trade.
Exports have a big impact on Italy’s economy. Its popular export products include cars, pharmaceuticals, furniture, jewellery, footwear and clothing, among others. Furthermore, its state-owned, well-developed railroad network is considered to be the 12th largest of its kind in the world.
The country has a strong business division and a thriving agricultural sector. Italy is considered to be one of the world’s biggest wine producers and is renowned for being one of the world’s largest manufacturers of luxury goods. In total, the country is responsible for 4.92% of the world’s wealth.
Norway is a highly developed country that is known for exports such as petroleum and crude oil. Its GDP was recorded at $417.627 billion in 2019.
Norway’s high living standards are closely linked to its rich economy and its low poverty rate, coupled with fair wage rates. Due to its successful economy and a low population rate, the Norwegian citizens are able to enjoy the country’s economic wealth with more purchasing power. They are more affluent when compared to other countries and have a high literacy rate
Approximately 77.6% of Norway’s workforce is part of its service sector, which is another hallmark of a country that is considered to be a developed country. The country also has the highest Human Development Index in the world, calculated at 0.94. This relates to the country’s life expectancy, education levels and per capita income numbers.
Situated in the northern part of North America, Canada is one of the world’s most developed nations. It has a highly developed economy with a GDP that is ranked tenth-highest in the world ($1.741 trillion in 2019). The country has abundant natural resources and has what is regarded as the world’s third-largest petroleum reserves. In fact, it is the fourth-highest exporter of petroleum across the globe and the fourth largest exporter of natural gas. The country’s most popular exports include raw natural resources such as gold and iron too. Trade accounts for over 65% of Canada’s GDP, of which about 75% relates to trade with America.
Canada is also considered to be one of the least corrupt countries in the world. It has a high standing when considering aspects such as housing, the well-being and security of its citizens, its healthcare system and education, to name a few. Thanks to Canada’s strong economy, clean environment, low taxation and low crime rate, its citizen enjoy a high standard of living
Australia has the second-highest median income per adult and had a GDP of $1.376 trillion in 2019. It is considered to be the 14th largest economy in the world. The country has a highly developed market economy, driven by its service sector that contributes about 62.7% to its GDP and also employed approximately 78.8% of its labour force.
It is known as a significant producer of agricultural products and is one of the globe’s largest producers of gold, iron ore and uranium. When it comes to investments, Australia is considered a business leader with one of the largest sources of funds across the globe.
This country makes our list of the most developed countries in the world because it has a strong entrepreneurial spirit and is ranked fifth in the world for global entrepreneurship. It has a strong start-up business culture and excels in areas such as edtech and fintech.
Australia is also at the forefront of research. In 2017, it contributed to more than 4% of the world’s research publications. The country also has a high literacy rate and over 40% of its working citizens have earned a tertiary qualification.
The well-developed countries listed above are all prime examples of some of the world’s top economies that are reaping the reward of industrialisation, wealth and high quality of life.
With their undeniable high-quality infrastructures, their economic security and their high literacy rates, they are at the forefront of innovation and service delivery in the world.
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