Table of Contents
Introduction
Determining the “top” developed countries can vary depending on the criteria used, such as GDP per capita, Human Development Index (HDI), quality of life, healthcare, education, and other factors.
According to the experts, there is no strict or standard definition of a developed country. The World Bank has divided countries into four groups based on their gross national income per capita. These groups are low-income, low, middle-income, upper-middle-income, and high-income economies. The main goal is to highlight the progress of the economy of the 10 biggest nations of the world according to their GDP.
Top 10 Developed Countries
Here is the list of the top 10 developed countries according to Gross Domestic Product.
1. Australia
According to the organization’s statistics for economic cooperation and development, Australia’s rating of happiness with life is 7.3 out of 10; on the other hand, the worldwide average of the same is 6.5. The Australian Republic has been considered a developed nation because of its high level of industrialization. Moreover, it offers a very high quality of healthcare to the majority of its people. Its infant mortality rate is 3.3 per 1000 live births, making it one of the world’s lowest infant mortality rates. The life expectancy rate in Australia is 85 years due to the country’s exceptional healthcare system.
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2. Canada
Canada has been marked as the 10th largest economy in the world. According to GDP statistics, the factors responsible for its huge GDP are abundant natural resources like oil, coal, and gas. Due to the richness of natural resources, the country meets its energy requirements.
Canada provides a well-reformed healthcare system to its people. Almost all residents of the total 43 provinces of Canada have access to free medical care. The life expectancy rate of Canadians is 82 years, and the infant mortality rate is 10 deaths per thousand live births owing to good medical services. Canada has the world’s third-largest oil reserves, and therefore it has a well-developed energy extraction industry.
According to the data, 18.9% of the energy supply comes from renewable sources; 59.3% of the country’s power comes from water. It also has very close connections with the United States with a free trade agreement between the two. Three-quarters of all the exports of Canada go to the United States each year. Due to these bonds with the United States, Canada is growing and becoming the world’s largest economy.
3. Germany
Germany has the strongest economy. It stands at the 4th position in the world in terms of GDP. The major factor contributing to the same is its highly trained workforce. Germany is famous for producing good quality products, including automobiles, electronics, machinery, and medicines. As per the reports of 2019, the world’s second-largest surplus economy was Germany, just after China in terms of import and export.
4. Japan
Japan has a smaller size than other economically developed countries like France or Germany, still, it remains the world’s 3rd richest country in terms of its total GDP. The reason behind the same is its service industry. approximately 72% of the country’s people work in the service sector, and only 3% of the people are employed in agriculture.
The country does not have natural resources and relies highly on the import of natural resources. It is the biggest net buyer of food, liquefied natural gas (LNG) and coal. Japan has 84 years of average life expectancy and a significantly low infant mortality rate of just two deaths per thousand live births.
Another major reason behind the success of Japan is its sophisticated technology. The new policies formed by the former prime minister have resulted in an exponential increase in economic growth after the last decade of 1990 and the effect of the great worldwide recession.
5. Italy
Italy is ranked at the sixth position in terms of GDP. The major reason behind the high economy of the country is its pretty advanced manufacturing sector. Italy is well known for manufacturing high-quality luxury goods, for example, stylish accessories, gourmet food, and highly technological automobiles.
6. France
The economic powerhouse of the world is the French Republic. France has the 7th largest economy by GDP in the world. The reason behind the same is its broad tourism, high level of industrialization, and medicines, which all contribute to its success. The French government has partly or completely privatized various well-known enterprises in France. It retains a large portion of the military sector, electricity, and transportation of the country.
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7. Switzerland
Switzerland stands at the fourth position in the top 10 highest economies of the world in terms of its GDP per capita. The reason behind the high economy of the country is the trained workforce which makes up for the tiny work population of the country.
8. United Kingdom
It is well known that the United Kingdom is the first industrialized country. There is not much data on the healthcare system of the country, the average life expectancy rate is 81 years, and it has a significantly high infant mortality rate of 11 deaths per thousand live births. The British people decided to leave the European Union, which is known as the Brexit. As a result, the two organizations do not have a valid trade agreement.
9. United States of America
In terms of GDP, the United States of America stands at the number one position. It is also regarded as the richest nation on the planet, accounting for 16% wealth of the whole world. It is the world’s biggest trading country, involved heavily in exports and imports. The United States is the greatest importer globally and the second-largest exporter of manufactured products.
Although the country has a very high HDI score and is well known for its wealth among all nations, it has a high poverty rate, higher than any other industrialized country and not so good health care services.
10. Finland
Finland is known for its beautiful natural landscapes, including thousands of lakes, forests, and islands. It offers opportunities for outdoor activities such as hiking, skiing, and fishing. Finland has a highly industrialized and technologically advanced economy. Key sectors include manufacturing (especially electronics and machinery), forest industry, telecommunications, and services. It is known for companies like Nokia, KONE, and Marimekko.
Finland’s Gross Domestic Product (GDP) is approximately USD 288 billion. Please note that GDP figures are subject to change over time due to economic factors such as growth, inflation, and currency fluctuations. For the most current GDP data for Finland, I recommend referring to reliable sources such as the World Bank, the International Monetary Fund (IMF), or the national statistical agency of Finland.