Developed country

It is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure in comparison to other less industrialised nations. A developed country can be classified as either an industrialised country, a high-income country, a more economically developed country, or an advanced country. Gross Domestic Product (GDP), gross national product (GNP), per capita income, industrialization level, quantity of extensive infrastructure, and general living standards are among the most often used parameters for assessing economic progress. Discussions are raging on what criteria should be utilised and which countries should be considered "developed." To begin, the International Monetary Fund (IMF) has set a target of US$20,000 nominal GDP per capita in 2021, which is comparable to the level of progress seen by the United States in 1960.

Developed nations tend to have more sophisticated post-industrial economies, which means that the service sector generates more income than the industrial sector on a national level. Developing nations, which are in the process of industrialisation or are pre-industrial and virtually totally agricultural, and some of which may fall into the category of Least Developed Countries, are compared with industrialised countries. According to the International Monetary Fund, advanced countries accounted for 60.8 percent of world GDP in nominal terms and 42.9 percent of global GDP in purchasing-power parity (PPP) terms as of 2015, respectively.