Top 10 Developed Countries in The World
It is very difficult to find the correct way to measure the difference between developed and developing countries. Even though one of the factors considered for deciding the same is Gross Domestic Product (GDP), other indicators come under consideration. A person may consider one factor more accurate than the other factor while others may find other factors more accurate than the first one, but none necessarily mean incorrect. However, to consider a country developed, the main factor considered is socio-economic development. When a country achieves a specific socio-economic requirement, it is deemed developed.
One factor which is counted under this is the economy in certain circumstances. The other factors which may play a part in making a country developed are per capita GDP, the general quality of life, level of technology available that is infrastructure, industrialization and education. These elements are not very separated from each other, and they are often intertwined.
According to the experts, there is no strict or standard definition to a developed country. The World Bank has divided countries into four major groups based on their gross national income per capita. These groups are low-income, low, middle-income, upper-middle-income, and high-income economies. The main goal is to highlight the progress of the economy of the 10 biggest nations of the world according to their GDP. In this article, the statistic was selected to show which country, according to the rank, has satisfied the standard definition of rich and hence classified as a developed country.
According to United Nations, in 2020, 35 countries have been marked as developed nations, North America, Europe, or developed Asian Pacific is home to all these developed countries. Here is the list of the top 10 developed countries according to Gross Domestic Product sorted alphabetically.
The majority of the Australian population has a better quality of life than other nations. It is one of the richest countries in the Asia Pacific region. It has experienced a wide 20-year economic expansion.
According to the organization's statistics for economic cooperation and development, Australia's rating of happiness with life is 7.3 out of 10; on the other hand, the worldwide average of the same is 6.5. The Australian Republic has been considered a developed nation because of its high level of industrialization. Moreover, it offers a very high quality of healthcare to the majority of its people. Its infant mortality rate is 3.3 per 1000 live birth, making it one of the world's lowest infant mortality rates. The life expectancy rate in Australia is 85 years due to the country's exceptional healthcare system.
Belgium is the first among many European nations which have provided a fine quality of life to its people. According to the statistics, their peoples' life expectancy rate is 81.6 years, the quality of life rate is 6.9 out of 10, and education duration is 19.8 years of schooling. One of the highest contributors to its GDP is the service sector, which accounts for approximately 70 % of GDP. Belgium does not have many natural resources.
Therefore, it depends on importing the raw materials; however, the country has positioned itself as a significant exporter of various manufactured goods. The reason behind the same is its central geographic location, use of a diverse transportation network, and fairly big commercial and industrial base. Apart from these factors, Belgium also has a low infant mortality rate of 10 deaths per thousand live births.
Canada has been marked as the 10th largest economy in the world. According to GDP statistics, the factors responsible for its huge GDP are the abundance of natural resources like oil, coal, and gas. Due to the richness of natural resources, the country meets its energy requirements. Furthermore, it also exports its natural resources to other countries, contributing to its economy. Despite the abandons of natural resources, the country is a global leader in the developmental use of renewable energy sources.
Canada provides a well-reformed healthcare system to its people. Almost all residents of the total 43 provinces of Canada have access to free medical care. The life expectancy rate of Canadians is 82 years as of 2019 data, and the infant mortality rate is 10 deaths per thousand live births owing to good medical services. Canada has the world's third-largest oil reserves, and therefore it has a well-developed energy extraction industry. According to the data, 18.9% of the energy supply comes from renewable energy sources; 59.3% of the country's power comes from water. It also has very close connections with the United States with a free trade agreement between the two. Three-quarters of all the exports of Canada go to the United States each year. Due to these bonds with the United States, Canada is growing and becoming the world's largest economy.
The economic powerhouse of the world is the French Republic. As per 2019 data France has the 7th largest economy by GDP in the world. The reason behind the same is its broad tourism, high level of industrialization, and medicines, which all contribute to its success. The French government has partly or completely privatized various well-known enterprises in France. It retains a large portion of the military sector, electricity and transportation of the country.
The healthcare system of France is very well developed. It combines universal access to treatment with a high level of patient autonomy. In general, the people of France are quite content with its healthcare facilities, and as a result, it has a high life expectancy rate of 83 years and a very low infant mortality rate of four deaths per thousand live births. Furthermore, due to high industrialization, there is very little unemployment in France, with a rate of only 8.34 %, according to 2020 data. The biggest factor contributing to the GDP is tourism. The nation gets most of the tourists all year round.
In the whole of Europe, Germany has the strongest economy. It stands at the 4th position in the world in terms of GDP. The major factor contributing to the same is its highly trained workforce. Germany is famous for producing good quality products, including automobiles, electronics, machinery, and medicines. As per the reports of 2019, the world's second-largest surplus economy was Germany, just after China in terms of import and export.
Germany provides a universal healthcare system to its people. It has 81 years of life expectancy rate and a very low infant mortality rate with just three deaths per 1000 live births. According to statistics of 2019, every German citizen is required to join a nonprofit illness fund that covers the majority of medical operations and prescriptions. As per 2017 stats, only 0.3% of German citizens have reported unmet medical needs. Germany has a highly qualified workforce, and it is a leading exporter of manufactured goods like automobiles, chemicals, and other types of equipment.
Italy is ranked at the sixth position in terms of GDP. The major reason behind the high economy of the country is its pretty advanced manufacturing sector. Italy is well known for manufacturing high-quality luxury goods, for example, stylish accessories, gourmet food and high technological automobiles.
Furthermore, more than 25 million people, nearly 71 % of Italy's population, are employed in the service sector. Only 3.5 % of the population works in agriculture, implying that the country is quite well developed. It provides advanced medical services. Italy accounts for 2.28 % of the total wealth of the world. The country provides modern commercial banking to its business class. Italy has 83 years of life expectancy and an infant mortality rate of 7 deaths per thousand live births. Though, there are high disparities in different areas within Italy. North Italy is considered to have a better developed and industrial zone whereas south Italy is considered as the less developed part.
Although Japan has a smaller size than other economically developed countries like France or Germany, still it remains the world's 3rd richest country in terms of its total GDP. The reason behind the same is its service industry. According to the statistics of 2019, approximately 72% of the country's people work in the service sector, and only 3% of the people are employed in agriculture.
The country does not have natural resources and relies highly on the import of natural resources. It is the biggest net buyer of food, liquefied natural gas (LNG) and coal. Japan has 84 years of average life expectancy and a significantly low infant mortality rate of just two deaths per thousand live births. According to the data of 2019, despite its small size, it has the third-largest economy. Japan's GDP crossed 5 trillion dollars as of 2019 data, and the reason for this high GDP is its industrial and export-oriented economy which has strong interlinks with government corporations. Another major reason behind the success of Japan is its sophisticated technology. The new policies formed by the former prime minister have resulted in an exponential increase in economic growth after the last decade of 1990 and the effect of the great worldwide recession.
According to the stats of 2019, Switzerland stands at the fourth position in the top 10 highest economies of the world in terms of its GDP per capita. The reason behind high economy of the country is the trained workforce which makes up for the tiny work population of the country.
Other factors contributing to its economy are financial services, pharmaceuticals, manufacturing, metals, technology, electronics, and chemicals. The country provides a universal healthcare system to its people. According to the data of 2019, the average life expectancy rate of the country was 84 years. Despite this high life expectancy rate and very good health care system, there is an abnormally high infant mortality rate, ten deaths per thousand live births.
9. United Kingdom
It is well known that the United Kingdom is the first industrialized country. According to 2019 data, the country stands at 6th position in terms of the GDP. Although the country is facing an exponential decline in its oil and natural gas reserves, it can still maintain its GDP by relying heavily on its service sector, notably business services, banking and insurance.
There is not much data on the healthcare system of the country, the average life expectancy rate is 81 years, and it has a significantly high infant mortality rate of 11 deaths per thousand live births. In 2016, the British people decided to leave the European Union, which is known as the Brexit. As a result, the two organizations do not have a valid trade agreement. However recently, a very temporary agreement was made in European Parliament on 28 April 2021, and further decisions are still underway.
10. United States of America
In terms of GDP, the United States of America stands at number one position. It also regarded as the richest nation on the planet, accounting for 16% wealth of the whole world. It is the world's biggest trading country, involved heavily in exports and imports. The United States is the greatest importer globally and the second-largest exporter of manufactured products. According to the data of 2021, the USA has the third-largest military.
Although the country has a very high HDI score and is well known for its wealth among all nations, it has a high poverty rate, higher than any other industrialized country and not so good health care services. The average life expectancy rate of the country is 79 years and a high infant mortality rate that is 11 deaths per 1000 live births as per 2019 stats. The sector contributing most to its GDP is the service sector, including professional and business services, real estate, insurance and banking. The reason for the country's growth is that it allows flexible company investment and foreign direct investments.