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A developed country, or advanced country, [3] [4] is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations.
NICs are countries whose economies have not yet reached a developed country's status but have, in a macroeconomic sense, outpaced their developing counterparts. Such countries are still considered developing nations and only differ from other developing nations in the rate at which an NIC's growth is much higher over a shorter allotted time period compared to other developing nations. [3]
The following list, including the Four Asian Tigers and new Eurozone European Union countries (except for Czech Republic), were historically considered developing countries and regions until the 1990s, and are now listed as advanced economies (developed countries and regions) by the IMF. Time in brackets is the time to be listed as advanced ...
It is the basis for international classifications such as developed country, developing country and least developed country, and for a field of practice and research that in various ways engages with international development processes. There are, however, many schools of thought and conventions regarding which are the exact features ...
The GCC countries, for example, are classified as developing high-income countries. Thus, a high-income country may be classified as either developed or developing. [2] Although Vatican City is a sovereign state, it is not classified by the World Bank under this definition. A map of World Bank high-income economies, as of 2023
The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy. [ 1 ] [ 2 ] The main NIEO document recognized that the current international economic order "was established at a time when most of the developing countries did not ...
Since many of the countries that are considered to be a part of the Global South were once colonized by Global North countries, they are at a disadvantage to become as quickly developed. Dependency theorists suggest that information has a top-down approach and first goes to the Global North before countries in the Global South receive it.
It is critical to understand that the status of countries is far from static and the pattern is likely to become distorted with the fast development of certain southern countries, many of them NICs (Newly Industrialised Countries) including India, Thailand, Brazil, Malaysia, Mexico and others. These countries are experiencing sustained fast ...