what are the other factors except income by which we can make a developing country to developed country?
Answers
The primary factor used to distinguish developed countries from developing countries is the gross domestic product (GDP) per capita, a tally of all the goods and services produced in a country in one year, expressed in U.S. dollars. GDP is calculated by dividing a country's GDP by its population. For example, a small country with a GDP of $1 billion and a population of 50,000 has a GDP per capita of $20,000. One unofficial threshold for a country with a developed economy is a GDP per capita of $12,000. Some economists prefer to see a per capita GDP of at least $25,000 to be comfortable declaring a country as developed, however. Many highly developed countries, including the United States, have high per capita GDPs of $40,000 or above.
One major limitation of GDP is that consumer prices for the same items—say, a gallon of milk or a tank of gasoline—vary from country to country; to account for such differences, a variant of GDP adjusts for purchasing power parity, converting goods valued at U.S. prices.
Top 10 Countries by GDP (PPP)
GDP-PPP Rank Country
GDP-PPP in USD trillions
(2017 est.)
1
China
$23.16
2 United States $19.39
3 India $9.47
4 Japan $5.43
5 Germany $4.17
6 Russia $4.00
7 Indonesia $3.24
8 Brazil
$3.24
9 United Kingdom $2.91
10 France $2.83
While useful for a snapshot of the world’s economic powerhouses, such measures are also crude. Countries obviously have different populations, which means that looking exclusively at GDP can distort reality and/or be so evident as to be meaningless. Of course, China (Pop: 1.4 billion) has a larger GDP than Ireland (Pop: 5 million). So what? To suggest how a hypothetical average citizen might experience a nation’s economic output, the more relevant statistic is GDP per capita. The population of China may be 280 times larger than the population of Ireland. Yet the typical Irish person ($75,500) is nearly five times richer than his Chinese counterpart ($16,700), even though despite the fact that his country is 280 times smaller. But if GDP per capita is a useful equalizer for comparative analysis, it should also be taken with a grain of salt. By definition, the countries with the highest GDP per capita are those with an unusual concentration of wealth. So it’s unsurprisingly, the top 10 countries include geographically small royal enclaves, tax shelters, gambling havens and other epicenters of wealth.
In terms of overall wealth, these countries are middling: four of the 10 are in the Top 100 of GDP.
They are highly industrialized.
Their birth and death rates are stable. They do not have excessively high birth rates because, thanks to quality medical care and high living standards, infant mortality rates are low. Families do not feel the need to have high numbers of children with the expectation that some will not survive. No developed country has an infant mortality rate higher than 10 per 1,000 live births. In terms of life expectancy, all developed countries boast numbers greater than 70 years; many average 80.
They have more women working, particularly in high-ranking executive positions. These career-oriented women frequently choose to have smaller families or eschew having children altogether.
They use a disproportionate amount of the world's resources, such as oil. In developed countries, more people drive cars, fly on airplanes, and power their homes with electricity and gas. Inhabitants of developing countries often do not have access to technologies that require the use of these resources.
They have higher levels of debt. Nations with developing economies cannot obtain the kind of seemingly bottomless financing that more developed nations can.
Another measuring device: the human development index (HDI), developed by the United Nations as a metric to assess the social and economic development levels of countries. It quantifies life expectancy, educational attainment and income into a standardized number between 0 and 1; the closer to 1, the more developed the country. No minimum requirement exists for developed status, but most developed countries have HDIs of 0.8 or higher.
It's important to remember no set minimums or maximums exist for these metrics. Economists look at the totality of a country's situation before rendering judgment, and they do not always agree on a country's development status.