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(Redirected from IMF advanced economy list)
"Industrial nation" redirects here. For the magazine, see Industrialnation.
Not to be confused with Developing country.
For the investing classification, see Developed market.

  Developed countries (IMF)
  Developing countries (IMF)
  Least developed countries (UN)
  Data unavailable

World map showing country classifications per the IMF[1] and the UN[2] (last updated April 2023). "Developed economies" according to this classification scheme are shown in blue. The map does not include classifications by the World Bank.

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. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[5] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. In 2023, 40 countries fit all four criteria, while an additional 19 countries fit three out of four.

Developed countries have generally more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialisation or are pre-industrial and almost entirely agrarian, some of which might fall into the category of Least Developed Countries. As of 2023, advanced economies comprise 57.3% of global GDP based on nominal values and 41.1% of global GDP based on purchasing-power parity (PPP) according to the IMF.[6]

Definition and criteria

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Economic classification of the world's countries and territories by UN Trade and Development: developed economies are highlighted in blue.[7][8]

Economic criteria have tended to dominate discussions. One such criterion is the income per capita; countries with the high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialisation; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently, another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. This criterion would define developed countries as those with a very high (HDI) rating. The index, however, does not take into account several factors, such as the net wealth per capita or the relative quality of goods in a country. This situation tends to lower the ranking of some of the most advanced countries, such as the G7 members and others.[9][10]

According to the United Nations Statistics Division:

There is no established convention for the designation of "developed" and "developing" countries or areas in the United Nations system.[11]

And it notes that:

The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process.[12]

Nevertheless, the UN Trade and Development considers that this categorization can continue to be applied:

The developed economies broadly comprise Northern America and Europe, Israel, Japan, the Republic of Korea, Australia, and New Zealand.[7]

Similar terms

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See also: Global North and Global South

Terms linked to the concept developed country include "advanced country", "industrialized country", "more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first world country", and "post-industrial country". The term industrialized country may be somewhat ambiguous, as industrialisation is an ongoing process that is hard to define. The first industrialized country was the United Kingdom, followed by Belgium. Later it spread further to Germany, United States, France and other Western European countries. According to some economists such as Jeffrey Sachs, however, the current divide between the developed and developing world is largely a phenomenon of the 20th century.[13]

Mathis Wackernagel calls the binary labeling of countries as "neither descriptive nor explanatory. It is merely a thoughtless and destructive endorsement of GDP fetish. In reality, there are not two types of countries, but over 200 countries, all faced with the same laws of nature, yet each with unique features."[14]

A 2021 analysis proposes the term emerged to describe markets, economies, or countries that have graduated from emerging market status, but have not yet reached the level equivalent to developed countries.[15] Multinational corporations from these emerging markets present unique patterns of overseas expansion and knowledge acquisition from foreign countries.

Economy lists by various criteria

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Human Development Index (HDI)

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Main articles: Human Development Index and List of countries by Human Development Index
World map
The world map representing Human Development Index categories (based on 2022 data, published in 2024)
  •   Very high
  •   High
  •   Medium
  •   Low
  •   No data
World map
World map of countries or territories by Human Development Index scores in increments of 0.050 (based on 2022 data, published in 2024)
  •   ≥ 0.950
  •   0.900–0.950
  •   0.850–0.899
  •   0.800–0.849
  •   0.750–0.799
  •   0.700–0.749
  •   0.650–0.699
  •   0.600–0.649
  •   0.550–0.599
  •   0.500–0.549
  •   0.450–0.499
  •   0.400–0.449
  •   ≤ 0.399
  •   Data unavailable

The UN HDI is a statistical measure that gauges an economy's level of human development. While there is a strong correlation between having a high HDI score and being a prosperous economy, the UN points out that the HDI accounts for more than income or productivity. Unlike GDP per capita or per capita income, the HDI takes into account how income is turned "into education and health opportunities and therefore into higher levels of human development."

Since 1990, Norway (2001–2006, 2009–2019), Japan (1990–1991 and 1993), Canada (1992 and 1994–2000) and Iceland (2007–2008) have had the highest HDI score.

The following countries in the year 2022 are considered to be of "very high human development":[16]

Rank Δ Country or territory HDI %

annual growth

(2010-2022)

1 Steady   Switzerland 0.967 Increase 0.24%
2 Decrease (1)  Norway 0.966 Increase 0.25%
3 Steady  Iceland 0.959 Increase 0.28%
4 Increase (2)  Hong Kong 0.956 Increase 0.38%
5 Increase (1)  Denmark 0.952 Increase 0.35%
Steady  Sweden Increase 0.38%
7 Increase (8)  Ireland 0.950 Increase 0.38%
Decrease (3)  Germany Increase 0.19%
9 Decrease (1)  Singapore 0.949 Increase 0.25%
10 Increase (1)  Netherlands 0.946 Increase 0.26%
Decrease (1)  Australia Increase 0.20%
12 Increase (2)  Liechtenstein 0.942 Increase 0.23%
Increase (3)  Belgium Increase 0.26%
Steady  Finland Increase 0.27%
15 Increase (3)  United Kingdom 0.940 Increase 0.24%
16 Decrease (7)  New Zealand 0.939 Increase 0.13%
17 Increase (19)  United Arab Emirates 0.937 Increase 1.04%
18 Decrease (5)  Canada 0.935 Increase 0.22%
19 Increase (3)  South Korea 0.929 Increase 0.36%
20 Decrease (1)  Luxembourg 0.927 Increase 0.14%
Decrease (5)  United States Increase 0.10%
22 Increase (1)  Slovenia 0.926 Increase 0.33%
Decrease (1)  Austria Increase 0.21%
24 Decrease (4)  Japan 0.920 Increase 0.16%
25 Decrease (1)  Israel 0.915 Increase 0.26%
Increase (3)  Malta Increase 0.50%
27 Steady  Spain 0.911 Increase 0.40%
28 Decrease (3)  France 0.910 Increase 0.28%
29 Increase (3)  Cyprus 0.907 Increase 0.45%
30 Steady  Italy 0.906 Increase 0.24%
31 Decrease (2)  Estonia 0.899 Increase 0.33%
32 Decrease (6)  Czech Republic 0.895 Increase 0.22%
33 Decrease (3)  Greece 0.893 Increase 0.18%
34 Increase (3)  Bahrain 0.888 Increase 0.80%
35 Increase (3)  Andorra 0.884 Increase 0.20%
36 Decrease (2)  Poland 0.881 Increase 0.35%
37 Increase (2)  Latvia 0.879 Increase 0.51%
Decrease (2)  Lithuania Increase 0.32%
39 Increase (6)  Croatia 0.878 Increase 0.53%
40 Steady  Qatar 0.875 Increase 0.45%
Increase (6)  Saudi Arabia Increase 0.70%
42 Steady  Portugal 0.874 Increase 0.42%
43 Decrease (10)  San Marino 0.867 Decrease 0.32%
44 Steady  Chile 0.860 Increase 0.47%
45 Increase (9)  Turkey 0.855 Increase 1.10%
Decrease (5)  Slovakia Increase 0.14%
47 Steady  Hungary 0.851 Increase 0.22%
48 Decrease (6)  Argentina 0.849 Increase 0.15%
49 Steady  Kuwait 0.847 Increase 0.36%
50 Increase (1)  Montenegro 0.844 Increase 0.38%
51 Decrease (2)  Saint Kitts and Nevis 0.838 Increase 0.49%
52 Increase (8)  Uruguay 0.830 Increase 0.47%
53 Increase (3)  Romania 0.827 Increase 0.14%
54 Increase (1)  Antigua and Barbuda 0.826 Increase 0.18%
55 Decrease (7)  Brunei 0.823 Decrease 0.02%
56 Decrease (3)  Russia 0.821 Increase 0.25%
57 Increase (3)  Bahamas 0.820 Increase 0.21%
Increase (5)  Panama Increase 0.47%
59 Decrease (7)  Oman 0.819 Increase 0.22%
60 Decrease (3)  Trinidad and Tobago 0.814 Increase 0.30%
Increase (4)  Georgia Increase 0.54%
62 Increase (2)  Barbados 0.809 Increase 0.18%
63 Increase (6)  Malaysia 0.807 Increase 0.41%
64 Increase (5)  Costa Rica 0.806 Increase 0.39%
65 Increase (3)  Serbia 0.805 Increase 0.39%
66 Increase (6)  Thailand 0.803 Increase 0.65%
67 Decrease (1)  Seychelles 0.802 Increase 0.30%
Decrease (4)  Kazakhstan Increase 0.38%
69 Decrease (11)  Belarus 0.801 Increase 0.12%

WESP developed economies

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According to the United Nations Department of Economic and Social Affairs' World Economic Situation and Prospects report, the following 37 countries are classified as "developed economies" as of January 2024:[17]

31 countries in Europe:

two countries in Northern America:

four countries in Asia and the Pacific:

World Bank high-income economies

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High-income economies of the world as classified by the World Bank, 2023.

According to the World Bank, the following 85 sovereign states and territories across are classified as "high income" economies, having a nominal GDP per capita in excess of $14,005 as of 2024:[18]

Unsovereign Territories are denoted with an asterisk (*).

Development Assistance Committee members

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See also: Development Assistance Committee
Member nations of the Development Assistance Committee

There are 29 OECD member countries and the European Union—in the Development Assistance Committee (DAC),[19] a group of the world's major donor countries that discusses issues surrounding development aid and poverty reduction in developing countries.[20] The following OECD member countries are DAC members:

25 countries in Europe:

two countries in the Americas:

two countries in Asia:

two countries in Oceania:

IMF advanced economies

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  Countries described as Advanced Economies by the IMF

According to the International Monetary Fund, 41 countries and territories are officially listed as "advanced economies",[1][21] with the addition of 7 microstates and dependencies modified by the CIA which were omitted from the IMF version:[22]

29 countries and dependencies in Europe classified by the IMF, 6 others given by the CIA:

Plusd

seven countries and territories in Asia:

three countries and territories in the Americas classified by the IMF, one territory given by the CIA :

two countries in Oceania:

d The CIA has modified an older version of the IMF's list of 38 Advanced Economies, noting that the IMF's Advanced Economies list "would presumably also cover the following nine smaller countries of Andorra, Bermuda, Faroe Islands, Guernsey, Holy See, Jersey, Liechtenstein, Monaco, and San Marino[...]". San Marino (2012) and Andorra (2021) were later included in the IMF's list.[22]

Paris Club members

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Permanent members of the Paris Club

There are 22 permanent members in the Paris Club (French: Club de Paris), a group of officials from major creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.

15 countries in Europe:

three countries in the Americas:

three countries in Asia:

one country in Oceania:

Comparative table (2024)

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A comparison among the developed countries in the world

Comparative table of countries with a "very high" human development (0.800 or higher), according to UNDP; "advanced" economies, according to the IMF; "high income" economies, according to the World Bank.

Developed countries
Countries HDI[23] IMF[24] WB[25]
2023
 Croatia Yes since 2007 Yes since 2023 Yes since 2017
2021
 San Marino Yes since 2021 Yes since 2012 Yes since 2000
2020
 Andorra Yes since 2003 Yes since 2020 Yes since 1990
2015
 Lithuania Yes since 2005 Yes since 2015 Yes since 2012
2014
 Latvia Yes since 2005 Yes since 2014 Yes since 2012
2011
 Estonia Yes since 2003 Yes since 2011 Yes since 2006
2009
 Slovakia Yes since 2006 Yes since 2009 Yes since 2007
 Czech Republic Yes since 2001 Yes since 2009 Yes since 2006
2008
 Malta Yes since 2003 Yes since 2008 Yes since 2002
 Liechtenstein Yes since 2000 Yes since 2008 Yes since 1990
 Monaco Yes before 1990[26] Yes since 2008 Yes before 1990
2007
 Slovenia Yes since 1998 Yes since 2007 Yes since 1997
2005
 Portugal Yes since 2005 Yes since 1989[27] Yes since 1994
2001
 Greece Yes since 2001 Yes since 1989[27] Yes since 1996
 South Korea Yes since 1999 Yes since 1997[28] Yes since 2001
 Cyprus Yes since 2001 Yes since 2001 Yes since 1988
1999
 Singapore Yes since 1999 Yes since 1997[28] Yes since 1987
1997
 Israel Yes since 1991 Yes since 1997[28] Yes since 1987
 Taiwan N/A[Note 1] Yes since 1997[28] Yes since 1987
1996
 Ireland Yes since 1996 Yes since 1945 Yes since 1987
1995
 Spain Yes since 1995 Yes since 1945 Yes since 1987
 Italy Yes since 1995 Yes since 1945 Yes since 1987
1994
 Finland Yes since 1994 Yes since 1945 Yes since 1987
1993
 France Yes since 1993 Yes since 1945 Yes since 1987
1992
 United Kingdom Yes since 1992 Yes since 1945 Yes since 1987
 Austria Yes since 1992 Yes since 1945 Yes since 1987
 Luxembourg Yes since 1992 Yes since 1945 Yes since 1987
1991
 Denmark Yes since 1991 Yes since 1945 Yes since 1987
1987
 New Zealand Yes before 1990 Yes since 1945 Yes since 1987
 Iceland Yes before 1990 Yes since 1945 Yes since 1987
 Sweden Yes before 1990 Yes since 1945 Yes since 1987
 Australia Yes before 1990 Yes since 1945 Yes since 1987
 Belgium Yes before 1990 Yes since 1945 Yes since 1987
 Canada Yes before 1990 Yes since 1945 Yes since 1987
 Germany Yes before 1990 Yes since 1945 Yes since 1987
 Japan Yes before 1990 Yes since 1945 Yes since 1987
 Netherlands Yes before 1990 Yes since 1945 Yes since 1987
 United States Yes before 1990 Yes since 1945 Yes since 1987
 Norway Yes before 1990 Yes since 1945 Yes since 1987
  Switzerland Yes before 1990 Yes since 1945 Yes since 1987
In process
Countries HDI[23] IMF[24] WB[25]
 Russia Yes since 2013 No Yes since 2023
 Uruguay Yes since 2014 No Yes since 2012
 Chile Yes since 2007 No Yes since 2012
 Trinidad and Tobago Yes since 2021 No Yes since 2006
 Romania Yes since 2013 No Yes since 2021
 Panama Yes since 2019 No Yes since 2021
 Bahamas Yes since 2016 No Yes since 1987
 Hungary Yes since 2005 No Yes since 2014
 Poland Yes since 2003 No Yes since 2009
 Kuwait Yes since 2014 No Yes since 1987
 Bahrain Yes since 2012 No Yes since 2001
 Oman Yes since 2012 No Yes since 2007
 Saudi Arabia Yes since 2010 No Yes since 2004
 United Arab Emirates Yes since 2004 No Yes since 1987
 Brunei Yes since 1999 No Yes since 1990
 Qatar Yes since 1996 No Yes since 1987
 Saint Kitts and Nevis Yes since 2011 No Yes since 2012
 Seychelles Yes since 2022 No Yes since 2014
 Antigua and Barbuda Yes since 2007 No Yes since 2012
 Barbados Yes since 2016 No Yes since 2006
Other recognitions
Countries HDI[23] IMF[24] WB[25]
 Serbia Yes since 2019 No No
 Costa Rica Yes since 2019 No No
 Mauritius Yes since 2019 No No
 Argentina Yes since 2006 No No
 Montenegro Yes since 2013 No No
 Kazakhstan Yes since 2015 No No
 Malaysia Yes since 2016 No No
 Turkey Yes since 2015 No No
 Georgia Yes since 2019 No No
 Belarus Yes since 2012 No No
 Bulgaria No No Yes since 2023
 Guyana No No Yes since 2022
 Thailand Yes since 2021 No No
 Nauru No No Yes since 2019

See also

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Notes

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  1. ^ The HDI annual report compiled by the UNDP does not include Taiwan because it is no longer a UN member state, and is neither included as part of the People's Republic of China by the UNDP when calculating data for China.[29] Taiwan's Statistical Bureau calculated its HDI to be 0.926 based on UNDP's 2010 methodology,[30][31] which would place Taiwan well within the group of "Very high human development" at 19th globally in 2021 within the 2022 UNDP report.[32][33]

References

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  1. ^ a b "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information". International Monetary Fund. Archived from the original on 3 March 2023. Retrieved 2 June 2022.
  2. ^ Least Developed Countries Archived 17 May 2011 at the Wayback Machine (2018 list Archived 21 December 2019 at the Wayback Machine)
  3. ^ "Fiscal Policy and Inclusive Growth in Advanced Countries: Their Experience and Implications for Asia" (PDF). adb.org. Asian Development Bank. December 2014. Archived (PDF) from the original on 26 July 2021. Retrieved 8 July 2021.
  4. ^ "Advanced Countries Will Benefit Most from Progress in Technology, with Lesser Benefits to Other Nations". rand.org. RAND Corporation. 1 June 2006. Archived from the original on 21 August 2021. Retrieved 8 July 2021.
  5. ^ Developed Economy Definition Archived 22 March 2016 at the Wayback Machine. Investopedia (16 April 2010). Retrieved 12 July 2013.
  6. ^ International Monetary Fund. "World Economic Outlook Database, April 2023". International Monetary Fund. Archived from the original on 13 April 2023. Retrieved 30 April 2023.
  7. ^ a b "UNCTADstat - Classifications". Archived from the original on 6 October 2022. Retrieved 30 September 2022.
  8. ^ "Classifications - UNCTAD Handbook of Statistics 2023". unctad.org.
  9. ^ The Courier. Commission of the European Communities. 1994. Archived from the original on 15 March 2020. Retrieved 20 January 2021.
  10. ^ "Human development index". Economics Help. Archived from the original on 17 December 2020. Retrieved 23 September 2018.
  11. ^ "Millennium Development Indicators: World and regional groupings". United Nations Statistics Division. 2003. Note b. Archived from the original on 10 February 2005. Retrieved 13 May 2017.
  12. ^ "Standard Country and Area Codes Classifications (M49): Developed Regions". United Nations Statistics Division. Archived from the original on 11 July 2017. Retrieved 13 May 2017.
  13. ^ Sachs, Jeffrey (2005). The End of Poverty. New York, New York: The Penguin Press. ISBN 1-59420-045-9.
  14. ^ Wackernagel, Mathis; Beyers, Bert (2019). Ecological Footprint: Managing Our Biocapacity Budget. Gabriola Island, BC, Canada: New Society Publishers. p. 132. ISBN 978-0-86571-911-8. Archived from the original on 30 December 2019. Retrieved 20 January 2021.
  15. ^ Lee, Eun Su; Liu, Wei; Yang, Jing Yu (23 September 2021). "Neither developed nor emerging: Dual paths for outward FDI and home country innovation in emerged market MNCs". International Business Review. 32 (2): 101925. doi:10.1016/j.ibusrev.2021.101925. ISSN 0969-5931. S2CID 244268711.
  16. ^ Human Development Report 2023-24: Breaking the gridlock: Reimagining cooperation in a polarized world. United Nations Development Programme. 13 March 2024. Archived from the original on 17 March 2024. Retrieved 16 March 2024.
  17. ^ "World Economic Situation and Prospects 2024" (PDF). United Nations Department of Economic and Social Affairs. p. 135.
  18. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 25 July 2024.
  19. ^ Peer reviews of DAC members – Organisation for Economic Co-operation and Development Archived 27 May 2013 at the Wayback Machine. Oecd.org. Retrieved 22 October 2013.
  20. ^ DAC website >> "The DAC in Dates" Archived 15 February 2010 at the Wayback Machine, On the DAC's self-description, see the introductory letter. On other events, refer to the relevant section by date.
  21. ^ "World Economic and Financial Surveys World Economic Outlook Database—All countries/Advanced economies (40 countries)". International Monetary Fund. Archived from the original on 7 November 2021. Retrieved 13 October 2021.
  22. ^ a b CIA (2008). "Appendix B. International Organizations and Groups". World Factbook. Archived from the original on 9 April 2008. Retrieved 10 April 2008.
  23. ^ a b c United Nations (13 March 2024). Human Development Report 2023/2024 Breaking the gridlock: Reimaging cooperation in a polarized world. United Nations Development Programme. pp. 279–282. ISBN 978-9-210-03102-8. Archived from the original on 4 May 2024. Retrieved 5 May 2024.{{cite book}}: CS1 maint: bot: original URL status unknown (link)
  24. ^ a b c "World Economic Outlook Database – Changes to the Database". International Monetary Fund. Archived from the original on 29 December 2017. Retrieved 7 February 2019.
  25. ^ a b c "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Archived from the original on 28 October 2019. Retrieved 20 January 2021.
  26. ^ "Monaco Has The World's Highest Score on the U.N. Human Development Index". Monaco Estate. 29 November 2021. Archived from the original on 8 July 2023. Retrieved 8 June 2023.
  27. ^ a b "World Economic Outlook, October 1989" (PDF). International Monetary Fund. p. 12. Archived (PDF) from the original on 28 June 2020. Retrieved 8 May 2020.
  28. ^ a b c d International Monetary Fund Annual Report 1997. Annual Report of the Executive Board. International Monetary Fund. October 1997. doi:10.5089/9781451945102.011. ISBN 9781451945102. Archived from the original on 25 June 2020. Retrieved 8 May 2020.
  29. ^ Nations, United. "Data Reader's Guide". Archived from the original on 28 October 2022. Retrieved 27 October 2022.
  30. ^ "What is the human development index (HDI)? How are relevant data queried?" (PDF). Archived (PDF) from the original on 12 June 2021. Retrieved 26 October 2022.
  31. ^ "人類發展指數" (PDF) (in Chinese). Archived from the original (PDF) on 14 April 2021. Retrieved 26 October 2022.
  32. ^ "National Statistics, Republic of China (Taiwan) - Statistical Tables". eng.stat.gov.tw. Archived from the original on 16 October 2022. Retrieved 27 October 2022.
  33. ^ "國情統計通報" (PDF) (in Chinese). Archived (PDF) from the original on 11 February 2023. Retrieved 26 October 2022.
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