A developed country is a sovereign state that has the technological infrastructure and a better economy than other nations. The Human Development Index determines whether a country is developed, such as gross domestic product (GDP), political stability, independence, and industrialization. Several countries that are not yet developed are called developing countries. Which criteria should be used and which countries can be classified as developing is a matter of debate. However, considering all the Top 10 Developed Countries In The World is described in this post.
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The Human Development Index is a scale that was created by the United Nations (UN) to measure human development in a country. HDI looks at a country’s human development such as health, longevity, and education. HDI is set from 0 to 1 and most developed countries need to have scored more than .80. It can be used to determine the best countries to use because those who are generally advanced have a higher standard of living. Developing countries later became developed countries through their economic development.
List Of Developed Countries
The UN Development Report 2019 statistical update ranks based on its HDI rankings every country in the world. The following list includes the top 10 Developed Countries In The World.
Norway is the most developed country in the world, according to a UN report. It has 0.954 HDI that makes it a “very high development” nation. The life expectancy in Norway is 82.3 years. It is one of the richest countries in the world, with an average gross salary of $5,166 per person each month. Additionally, GDP per capita is expected to reach US$93000 by the last of 2020. This country’s economy has been boosted by its natural gas and petroleum exports, the world’s 3rd biggest exporter of natural gas. In addition, most Norwegian workers are employed in the service sector rather than in manufacturing or agriculture. The government controls the country’s economy through various state and financed initiatives.
Switzerland is the second largest developing country in the world with .0946 HDI. The life expectancy in Switzerland is 83.6 years which is more than in Norway. Additionally, this country has one of the most competitive economies in the world, with a great developed services sector and the 2nd biggest per capita GDP in the world with US$82,504.32. According to a report by KPMG, It has the highest score for organization, infrastructure, and openness and has the strongest growth overall.
Ireland is the third most developed country with 0.942 HDI. It has risen faster in the last five years in the UN rankings than any other country. The life expectancy of this country for men is 79.7 years and for women is 83.6 years. This country’s economy is surpassing most European countries with impressive, almost rising wages and full employment. In current years, it has seen an 8% reduction in income inequality and has done well to improve gender equality. The country’s per capita GDP is at US$80,264.
Germany ranks fourth among the most developed countries. Germany’s HDI is equal to Hong Kong’s 0.939. Its high HDI is driven by its strong economy and big quality of life, making it the strongest in Europe. German locals have universal healthcare coverage. This country is known for exporting top-quality electronics, automobiles, machinery, and pharmaceuticals from well-known companies like Bayer AG, Siemens AG, and Volkswagen.
Hong Kong, China
Hong Kong’s HDI is 0.939 same as Germany so it is also the 4th most developed country in the world. SAR is an integral part of the Republic of China, which means that Hong Kong exercises a higher level of autonomy and has executive, independent, and legal judicial powers. Although Hong Kong is technically a part of developing China, this country’s economy is a free-market economy and highly developed. Its economy is an international business and financial hub characterized by low government intervention, free trade, and low tax rates.
Australia is the sixth-most developed country in the world with an HDI of 0.938. Australia’s birth rate is 83.3 years, and the infant mortality rate is 3 per 1,000 live births, the lowest in the world. Australia is also proud of its high education rates and quality healthcare for most citizens. The economy of this country is dominated by the services sector, which employs about 63% of GDP and employs about 79% of the workforce.
Iceland ranks with Australia as the sixth-most developed country with 0.933 HDI. It has a mixed economy that is largely capitalist, developed, and supports a welfare state that provides tertiary education and universal health care for its citizens. This country is a commitment to supporting underdeveloped countries and using its expertise in gender equality for land reclamation, renewable energy, and assistance programs.
Sweden is a developed country with 0.937 HDI. The average life expectancy in Sweden is 72.7 years and the school-age is about 18.6 years. It is known for its high quality of life with low unemployment and poverty rates and free access to healthcare for all citizens. The economy of this country is diverse and highly competitive, which is export-oriented and generally maintains a trade surplus. Its main exports are vehicles, pharmaceuticals, machinery, minerals, and electronics. Sweden is one of the easiest countries to trade and do business with.
Singapore is the most peaceful and ninth-most developed country in the world. It has an expected school age of 16.3 years and a life expectancy of 83.5 years. At present, manufacturing and services are the two main sectors of Singapore’s powerful economy.
The Netherlands finished the list of ten developed countries with 0.933 HDI. Despite having the world’s 35th largest population at around 17 million, it still has the 17th highest GDP. Citizens of the Netherlands have a life expectancy of 82.1 years and an expected school age of 18 years.