Most Developed Countries in the world- A country is said to be developed when is a sovereign state with a mature economy and technologically advanced infrastructure, Several factors determine whether or not a country is developed or not, factors such as its political stability, Human development index (HDI), gross domestic product (GDP), level of industrialization, social welfare programs, infrastructure, and the freedoms its citizens enjoy deploy as determinant. This article will list 10 most developed countries in the world.
Most Developed Countries in the world
Most Developed Countries in the world – The Human Development Index was developed by the United Nations to measure human development in a country. HDI is quantified by looking at a country’s human development, such as education, health, and life expectancy. HDI is set on a scale from 0 to 1, and most developed countries have a score above 80.
The list of Top developed countries in the world is listed below:
- Norway – Most Developed Countries in the world
Norway top the list of the most developed country in the world with 0.957 according to Human development Index. Norway population is about 5,511,370 people, blessed with abundance of natural resources,oil, gas, timber and etc, The economy of Norway is ever growing since the start of industrial era, and this has contributed immensely to whopping GDP of $541 billion (nominal; 2022). Norway has a strongly integrated welfare system, a life expectancy of 80.57 and extremely high standards of living compared to other European countries.
2. Ireland
The Ireland population is about 5,020,199 people, it takes the second spot according Human Development Index as the second most developed country on planet earth with points 0.955. The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy and ranks first for high-value foreign direct investment (FDI) flows. Ireland has the population of 5,011,500 and employed population of 2,440,256 about 74.1 % employment rate with G.D.P of $476 billion (nominal, 2021).
3.Switzerland
Switzerland is the third in the list with H.D.I of 0.955 and the population of about 8,773,637 people. Switzerland is the third most developed countries in the world with G.D.P of $824 billion (nominal, 2021). The economy of Switzerland is one of the world’s most advanced and highly-developed free-market economies. The service sector has come to play a significant economic role, particularly the Swiss banking industry, tourism, Machinery, chemicals, watches, textiles, precision instruments and pharmaceuticals.
4. Iceland
Ice is the fourth in the list with Human development Index of 0.949 and economy of Iceland is small and subject to high volatility. Iceland population is accounted for over 350,000 people, with $55,000 per capita, based on purchasing power parity (PPP) estimates. The country’s G.D.P is $24 billion (nominal, 2019 est.) and unemployment rate is at 9.9% between ages 15-24. The global ease of doing business is 26th position. The main industries are tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products. Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland.
5.Hong Kong – Most Developed Countries in the world
Don’t be surprise that Hong Kong former China’s territory is fifth most developed country in the world with Human Development Index of 0.949 and population of 7,604,299 people. The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Hong Kong G.D.P is $368.633 billion (nominal, 2021 est.). The Ease of doing business is 3rd position globally. The Country’s Main industries is textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches and clocks.
6. Germany – Most Developed Countries in the world
Germany makes the list of sixth most developed countries in the world with Human development Index of 0.947 with the population of over 83,883,596 people. The economy of Germany is a highly developed social market economy. It has the largest national economy The G.D.P of Germany as 2022 is $4.55 trillion (nominal; 2022 est.).
Germany main industries are Iron, steel, coal, cement, chemicals, machinery, vehicles, machine, tools, electronics, automobiles, food and beverages, ship building, textiles, recorded and are the highest trade surplus in the world, worth $310 billion. The economy Project the Germany as the biggest capital exporter globally.
7. Sweden – Most Developed Countries in the world
Sweden is seventh most developed country in the wolrd according to Human development Index making 0.945 points with population of over 10,218,971 people. Sweden G.D.P is $612 billion (nominal, 2021 est.) and has a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. The main market is agriculture, Iron Steel and etc. The economy of Sweden is a highly developed export-oriented economy, These constitute the resource base of an economy oriented toward foreign trade. The home of companies like Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel is found in Sweden due to availability of raw material for production.
8. Netherlands – Most Developed Countries in the world
The Netherland makes the eight positions of the eight most developed countries on earth according to Human Development Index making 0.944 points and the population of about 17,211,447 people. The G.D.P is $1.01 trillion (nominal; 2021) and the GDP per capita stood at $60,461 (nominal, 2021). The Netherlands has had steady natural gas resources since 1959, when a wellspring was discovered. The economy of the Netherlands is the 17th largest in the world in 2021in terms of G.D.P according to the World Bank and the International Monetary Fund.
9. Australia – Most Developed Countries in the world
The Ninth on the list is Australia. Australia has one of the largest capitalist economies in the world. The Australian ease of doing business is 14th position globally. The major contribution to its GDP of US$1.748 trillion and GDP per capita is $67,464 made by the service sector while mining and agriculture also make significant contributions. Apart from its wealthy economy, human development, healthcare and civil rights exercised by its citizens make the country the 9th most developed in world. The life expectancy is very high at 82.07 years and the country has consistently maintained one of the highest standards of living in world.
10. Denmark – Most Developed Countries in the world
The Last not the least on our list is Denmark. She enjoys a modern and mixed economy which is mainly service based as the country lacks in mineral resources other than oil and gas, and has to rely upon human resources. The life expectancy in Denmark is 80 years and the standard of living in the country is quite high. Denmark has a population of 5,834,950 with GDP of $414 billion (nominal, 2022) and $70,769 (nominal, 2022) per capital while its HDI rating of 0.940 makes it the 10th (tenth) most developed country in world.
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