This level of economic development usually translates into a high income per capita and a high Human Development Index (HDI). Countries with high gross domestic product (GDP) per capita often fit the above description of a developed economy. However, anomalies exist when determining "developed" status by the factor GDP per capita alone.

Synonyms

Modern terms synonymous with the term developed country or advanced country include industrialized country, more developed country (MDC), more economically developed country (MEDC), Global North country, 1st world country, and post-industrial country. The term industrialized country may be somewhat ambiguous, as industrialization is an ongoing process that is hard to define. The term MEDC is one used by modern geographers to specifically describe the status of the countries referred to: more economically developed. The first industrialised country was England, followed by Germany, France, the remainder of the United Kingdom and other Western European countries. According to economists such as Jeffrey Sachs, however, the current divide between the developed and developing world is largely a phenomenon of the 20^th century.

Definition

Traditionally, Canada and the United States in North America, Japan in Asia, Australia and New Zealand in Oceania, and most countries in Northern Europe and Western Europe, Southern Europe have been considered "developed countries". Additionally, CyprusIMF Advanced Economies List. World Economic Outlook, Database—WEO Groups and Aggregates Information, April 2008., Hong Konghttp://www.businesspme.com/uk/articles/economics/78/East-Asian-Tigers-.html, IsraelIMF Advanced Economies List. World Economic Outlook, Database—WEO Groups and Aggregates Information, April 2008. , Malta, Singapore, SloveniaIMF Advanced Economies List. World Economic Outlook, Database—WEO Groups and Aggregates Information, April 2008., South Korea, and Taiwan, are now widely regarded as "developed countries".

Although Hong Kong is a Special Administrative Region of the People's Republic of China which is a developing country, it is still considered internationally as a separate economic entity as it has its own currency and customs controls. In contrast, Taiwan is a separate political entity from the People's Republic of China with their own distinct national currency, and is recognized as a distinct economic power.