The United States, Canada, Australia, Germany, France, Japan and South Korea are a few of the developed countries in the world. A country is classified as developed when it is a sovereign state with a strong economy and a technologically advanced infrastructure.Know More
The commonly used criteria to evaluate whether or not a country is developed include its gross domestic product, level of industrialization, standard of living and its infrastructure. Developed countries also have economies that are primarily service-based. Two-thirds of the economic activity in the United States is located in the service sector, which includes jobs in public health, retail sales and education. Designating countries as developed and developing is not intended to make a judgment about a country’s development process, but rather to be used as a statistical convenience, according to the United Nations Statistics Division.
The level of education, health, literacy and life expectancy of a country’s population is also increasingly considered in the evaluation of a country’s development. This measurement is called the Human Development Index and was created by Indian economist Amartya Sen and Pakistani economist Mahbub ul Haq. Countries with a high HDI score generally have prosperous economies, but unlike per capita income, the HDI takes into consideration education and health opportunities created with the economic wealth. The HDI is based on the philosophy that people are the real wealth of a nation and has impacted how country development is measured around the world.Learn More
Countries with a mixed economy include Iceland, Sweden, France, the United Kingdom, the United States, Russia and China. These countries have a mix of government spending and free-market systems based on the share of government spending as a percentage of gross domestic product. Some governments spend much more money in proportion to GDP, while others spend much less.Full Answer >
The member states of the G7 are the United States, United Kingdom, France, Canada, Italy, Japan and Germany. They are collectively known as the "Group of Seven," and represent the world's largest industrialized economies. The G7's finance ministers and heads of state meet periodically to set international economic policy.Full Answer >
As of 2014, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union make up the G20. The members represent the world's most advanced economies, accounting for roughly 85 percent of global GDP and more than 75 percent of world trade.Full Answer >
The eight countries making up the G8 were the United States, Great Britain, Canada, France, Germany, Japan, Italy and Russia. In March 2014, the other members of the G8 dismissed Russia from membership due to what they termed an "illegal attempt" on the part of Russia to annex Crimea.Full Answer >