The World's Top Ten Developed Countries

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, while others may find other factors more accurate than the first one, but none necessarily means the latter is 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, the level of technology available (that is, infrastructure, industrialization, and education). These elements are not very separate from each other, and they are often intertwined.

. According to the experts, there is no strict or standard definition of 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 economies of the 10 biggest nations in 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 is classified as a developed country.

According to the United Nations, in 2020, 35 countries have been marked as developed nations. North America, Europe, or the developed Asian Pacific are home to all these developed countries. Here is the list of the top 10 developed countries according to GDP sorted alphabetically.

10.Australia

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 for 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 births, 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.

9.Belgium

Belgium is the first among many European nations to have provided a fine quality of life to its people. According to the statistics, their people's life expectancy rate is 81.6 years, their quality of life rate is 6.9 out of 10, and their 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.

8. Canada

Canada has been ranked 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 country's richness in natural resources, it meets its energy requirements. Furthermore, it also exports its natural resources to other countries, contributing to its economy. Despite the abandonment 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 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 from Canada go to the United States each year. Due to these bonds with the United States, Canada is growing and is becoming the world's largest economy.

7. France

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 for this is its extensive tourism, high level of industrialization, and medicine, all of which contribute to its success.The French government has partly or completely privatised various well-known enterprises in France. It retains a large portion of the country's military, electricity, and transportation sectors.

The French healthcare system 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, France has very low unemployment, with a rate of 8.34% according to 2020 data.Tourism is the most important contributor to GDP.The nation gets most of the tourists all year round.

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5. Italy

Italy is ranked in 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-tech automobiles.

Furthermore, the service sector employs over 25 million people, or nearly 71% of the Italian population.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's business class has access to modern commercial banking.Italy has 83 years of life expectancy and an infant mortality rate of 7 deaths per thousand live births. However, there are high disparities in different areas within Italy as well. North Italy is considered to have a more developed industrial zone, whereas southern Italy is considered the less developed part.

4.Japan

Although Japan has a smaller size than other economically developed countries like France or Germany, it remains the world's 3rd richest country in terms of its total GDP. The reason behind this is its service industry. According to the 2019 statistics, 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 in 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.

3. Switzerland

According to 2019 statistics, Switzerland ranks fourth among the world's top ten economies in terms of GDP per capita.The reason behind the 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 for its people. According to the data from 2019, the average life expectancy rate of the country was 84 years. Despite this high life expectancy rate and a very good health care system, there is an abnormally high infant mortality rate, ten deaths per thousand live births.

2.United Kingdom

It is well known that the United Kingdom was the first industrialised country. According to 2019 data, the country stands at 6th place in terms of 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 organisations do not have a valid trade agreement. However, a very temporary agreement was made in the European Parliament on April 28, 2021, and further decisions are still underway.

1. America

America, the United States of America

In terms of GDP, the United States of America holds the number one position. It is also regarded as the richest nation on the planet, accounting for 16% of the world's wealth. It is the world's biggest trading country, heavily involved 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 industrialised country, and not so good healthcare services. The average life expectancy rate of the country is 79 years and has a high infant mortality rate of 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.