What makes ireland a developed country

Business Services. Green Economy. Cloud Computing. Cyber Security. Financial Services. Internet Of Things. Medical Technology. Advanced Manufacturing. Global Business Services. High Growth. Publications and Infographics. Innovation Ireland Review. Ireland's Economy The Irish economy is the fastest growing in the Eurozone. Outlook Ireland is a stable, competitive, secure and pro-business country Ireland is a committed member of the EU Single Market and the Eurozone Ireland has a highly skilled, educated, young and multicultural population.

Computer Services. Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation. Good Subscriber Account active since Shortcuts. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. The calculation of a nation's GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade.

While useful for acquiring a snapshot of the world's economic powerhouses , this metric by itself is typically insufficient. Of course a nation as large as China, with a total population of 1. GDP per capita is a much more relevant statistic for better illustrating how a hypothetical average citizen might experience a nation's economic output. GDP per capita, a tally of all the goods and services produced in a country in one year as expressed in U.

For example, the population of China is approximately times larger than the population of Ireland. Another measuring device, the human development index HDI , was developed by the UN as a metric to assess the social and economic development levels of a given country. HDI quantifies life expectancy , educational attainment, and income into a standardized number between zero and one; the closer to one, the more developed the country.

No minimum requirement exists for developed status, but most developed countries have HDIs of 0. The life expectancy aspect of the HDI is calculated at the time of birth, which is equal to zero when life expectancy is 20 and equal to one when life expectancy is Education is measured according to the mean years of schooling for residents of a country and the expected years of schooling that a child has at the average age for starting school.

Finally, the metric chosen to represent the standard of living is GNI gross national income per capita based on purchasing power parity PPP. This index is useful for examining the impact of policy choices made by each nation. For example, if two countries have approximately the same GNI per capita but wildly different HDI scores, then it stands to reason that these disparities could stem from policies regarding life expectancy, educational attainment, or another factor unrelated to economic health.

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. Here is our analysis of the development status of the top 25 countries by GDP as of , organized alphabetically.

Of this total, 14 countries are considered "developed," 10 are considered "developing," and one is considered "in transition. Australia is a developed country. The Land Down Under has widespread industrialization and provides quality healthcare for the majority of its citizens.

Belgium is a developed country. The Kingdom of Belgium is the first among several European countries on this list to have a higher quality of life 6. However, given its central geographic location, highly developed transport network, and diversified industrial and commercial base, the country is well suited to act as a major exporter of manufactured goods.

Brazil is a developing country. Though it has several characteristics of a developed nation, including the largest economy in South America or Central America, Brazil is still considered a developing country due to its lower GDP per capita, higher infant mortality rate, and other factors.

Canada is a developed country. As the 10th-largest world economy on the basis of GDP, Canada has a diverse economic base. China is a developing country. Despite having the world's second-largest economy and the single largest military, China is still not classified as a developed country by the criteria of most organizations. France is a developed country. The French Republic is one of the world's economic powerhouses.

As of , France has the seventh-largest economy by GDP. The French government has partially or fully privatized many prominent companies, though it maintains a strong presence in its power, public transport, and defense sectors. Germany is a developed country. Driven by its highly skilled labor force, Germany is Europe's strongest economy , and it is the fourth-largest economy in the world. All Germans must belong to a not-for-profit sickness fund that covers most necessary medical procedures and medications.

Just 0. India is a developing country. Although India is an exceptionally wealthy country ranked fifth in terms of overall GDP , like China, its high population results in a rather low GDP per capita. Thanks to a large and well-educated English-speaking population, India is a major exporter of IT services, business outsourcing services, and software workers.

Indonesia is a developing country. The Republic of Indonesia is the world's most populous Muslim-majority country and Southeast Asia's largest economy. The nation's key exports include rubber, animal and vegetable fat, mineral fuels, machinery, electrical machinery, and mechanical appliance parts. Italy is a developed country. Italy's manufacturing industry is very well developed, and it is ranked seventh on Earth according to the World Economic Forum. Japan is a developed country. Despite its smaller size compared to other economically healthy countries, such as Germany or France, Japan is the third wealthiest nation on Earth in terms of overall GDP.

Mexico is a developing country. Mexico's development status is despite the fact that it exceeds the majority of its peers in the developing world on most economic and quality-of-life metrics.

In fact, as of , Mexico's economy wasn't heavily reliant on agriculture, at just 3. This has put the government in a tough position, as Burke-Kennedy writes. In addition to these economic challenges, and despite landmark progressive votes, cultural challenges remain. Despite these risks, there are reasons for Irish people to be optimistic.

Aside from a growing economy, a dynamic political landscape, and a young population, their country also performs at or above OECD average in measures of educational attainment, life expectancy at birth, air and water pollution, and sense of community. By providing your email, you agree to the Quartz Privacy Policy. Skip to navigation Skip to content. Discover Membership.

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