Question

What is meant by a developed economy and a developing economy

Answer 1

A developing economy also called a less developed economy or underdeveloped country is a nation with an underdeveloped industrial base, and a low Human Development Index (HDI) relative to other countries.

Answer 2

Developed economy is that economy whose proper use has been occured and it is contributor of GDP of a country.

Developing economy refers to the economy whose utillisation is started and in process but it does not helped in economic growth of a country.