Developed vs developing countries classification game
At first glance, the distinction between a developed and developing country can seem quite easy to make, as wealth is oftentimes seen as the primary factor for determining the development of a nation.
This notion is not entirely accurate, and if you want to beat this developed vs developing countries classification game, you might want to read on.
It is true that a country with more wealth is able to afford investing in more healthcare, education, infrastructure, and technology – all of which are sectors that contribute to human development. For most rich countries, this appears to be the case: Norway, Hong Kong, Australia, Canada, Germany, Singapore and South Korea are all considered to be developed.
Other places with large amounts of wealth, like China, Russia, and Brazil, on the other hand, are usually known as developing countries. To understand why, we will look at the metrics – or measurements – that determine the level of development that a country has.
Traditionally, the Gross Domestic Product (GDP) of a country has been used as a quick and approximate gauge of development. The GDP looks at the value of all products made and services rendered in a country within a given timeframe, and thus depict how economically healthy it is and how many opportunities it provides its citizens to prosper and thrive. Virtually all developed countries are buttressed by their high GDP.
Per capita GDP finds out how much economic value each citizen produces. A related metric, per capita income, tracks the average income of a person in the country. These metrics can provide clues as to how well-equipped people are to do meaningful work and earn money, as well as quantify the income available for them to afford both necessities and luxuries.
Industrialization can play a significant role in improving GDP by streamlining the process of producing goods or providing services.
A high standard of living is just as important for development as wealth or industrial capacity. The people’s wellbeing represents the human factor for development metrics. A populace that can read and write, stay holistically healthy, and work and earn sufficient income is a hallmark of a developed country.
To reflect this, the Human Development Index (HDI), another prominent metric, takes into consideration factors such as education, life expectancy, and gross national income (GNI) per capita.
The factors that determine a country’s development can be self-perpetuating. A powerful industrial base can generate plenty of wealth, but a poor country might not possess enough wealth to invest in its industries in the first place. On a similar note, developing countries can often struggle with issues such as endemic disease, political instability, rebellions, black market activity, or brain drain, all of which tax their governments’ budgets further.
Poverty can exist anywhere, although a sizable portion of the world’s poor may be found in developing countries as well.