A developed country is defined as a sovereign state that has a developed economy and technologically advanced infrastructure when compared to other nations. Several factors that determine whether or not a country is developed, such as the Human Development Index, political stability, gross domestic product (GDP), industrialization and freedom.
The Human Development Index was developed by the United Nations to measure human development in a country. HDI is quantified by looking at a country’s human development such as education, health and life expectancy. HDI is set on a scale from 0 to 1 and most developed countries have a score above .8.
Developed countries have post-industrial economies with service sectors contributing more to the nation than the industrial sector. Because there are so many factors to consider, actually defining what countries are developed can be a challenge.
The United Nations Development Report’s 2018 Statistical Update ranks each country in the world based on their HDI ranking. The following list is the top 10 countries on that list:
- Hong Kong, China