One often hears that people talk that nations like America and England are developed countries and countries in Asia and Africa region are still developing, so why this distinction, in order to understand it one needs to know the differences between developed and developing countries –
- In developed countries living standard is very good and therefore people living in these nations have high literacy rates and also due to better medical facilities death rate is low which leads to higher life expectancy of people living in these countries, whereas in developing countries living of standard is not that good and these nations have higher illiteracy rates, poverty and also higher death rates due to poor medical conditions.
- In developed countries majority of population is dependent on industry and service sector for their daily livelihood and both industry and service sector provide ample opportunities for job to youth whereas in case of developing countries majority of population is still dependent on agriculture for their daily livelihood and industry and service sector of these nations is still developing and hence there are fewer job opportunities in these sector in developing countries.
- Developed countries gross domestic product is growing at steady rate or at very slow pace whereas in case of developing countries the gross domestic product is increasing at a rapid pace in comparison to developed economics.
- The strength of developing economies lies in its young working population which is hard working, creative and has entrepreneurship abilities and hence it helps in negating various deficiencies like corruption, bureaucratic culture, lack of government support etc…, whereas strength of developed economies lies in their technological advancement and better allocation of their budget in research and development in various areas like space exploration, health related research, education and so on.
- Developed economies are matured markets in the sense that scope of growth in these markets is limited and hence companies operating in these countries experience slow or no growth in both sales and profits whereas in case of developing economies it is not the case as these nations have growing middle class which make these economies a consumer market because these countries have high population and when their income begin to rise they began to spend more and hence many large companies begin to think of entering these markets from all over the world as scope of growth in sales and profits of companies is huge.
- People living in developed nations are more open minded and less superstitious, the primary reason being that they have a better education system. Whereas people living in semi – urban and rural areas of developing nations are narrow – minded and they are very superstitious due to lack of proper education.
As one can see from the above that both developed and developing nations are poles apart from each other when it comes to culture, lifestyle, education, health – related mattes, business environment, level of income and many other such factors.