Table of Contents
What is a Developed Country?
A developed country often cited as an industrialized country is a country that has a strong and sophisticated economy measured by GDP and per capita income. As they have a high per capita income, they have a high living standard.
Generally, a developed country is highly industrialized. Technological advancement and infrastructure are other strong sections of these countries. Export outweighs import by a greater margin. Developed countries harbor multinational business entities.
These countries have a diverse service sectors. Citizens enjoy rich and developed services. Surprisingly, despite having a strong industrial infrastructure, the service sector makes more profit than industries. This situation is called Post-Industrialization.
All of these result in a higher HDI (Human Development Index). With an average income of more than the average expense, people live in better social and economic conditions.
The economical gap between high, middle, and low-income citizens is not too large. Both the economy and social standards continue to support each other.
What is a Developing Country?
A country is called a developing country when it has a thriving economy and is improving at a constant pace. But they have a weaker industrial infrastructure and per capita income is relatively lower.
Developing countries have a pre-industrial economy. They have a constantly growing industrial infrastructure. Their industries are mostly light industrial, and lack heavy industries.
The economy of developing countries heavily relies on Agriculture. But still, these countries often can not provide enough food for the population and has to import.
Usually, most of the wealth in developing countries are held by a few peoples. So, in statistics per capita income, and GDP look promising but in reality, the living situation of the majority of people is often below standard. Even with per capita income having a constant rise, the income of lower and middle economical class people doesn’t raise much.
The government bodies are sometimes corrupted. Democracy is often influenced and political parties try to benefit only themselves. Education, health, and other services have a drastic difference between urban and rural areas.
A developing country is an underdeveloped country that is improving economically. But it still has a lot of ground to cover.
Difference Between Developed and Developing country
A country is determined to be developed or developing based on its GDP, HDI, per capita income, and living standard. So, naturally, these factors greatly differ between developed and developing countries.
While a developed country has a strong economical foundation, a developing country is trying to build up a foothold.
Governmental clarity, political situation, and laws and order are other points that often have a major difference between them.
Living standards greatly differ between developed and developing countries. Education makes a great difference.
Comparison Table Between Developed and Developing Country
|Parameters of Comparison||Developed Country||Developing Country|
|Per capita income||According to World Bank, countries with a per capita income of 13,205$ is the high-income economy.||A country with a per capita income of 1085$ to 13,205$ is considered to be a developing country.|
|Industry||Heavy industry. Technological advancement.||Light industry and lack of infrastructure. Agriculture-based economy.|
|Living Standards||Citizens live a decent life. Lower unemployment rate.||Citizens struggle for a decent life. Higher unemployment and lower education rate.|
|Service sector||Every people enjoys enough necessary services.||Services are not enough for the entire population.|
|Politics||Well-established democracy. Freedom of speech. Strong and unbiased media.||Democracy is often influenced by powerful groups. Freedom of speech and media is not guaranteed.|