<P> Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector . They are contrasted with developing countries, which are in the process of industrialization or pre-industrial and almost entirely agrarian, some of which might fall into the category of least developed countries . As of 2015, advanced economies comprise 60.8% of global GDP based on nominal values and 42.9% of global GDP based on purchasing - power parity (PPP) according to the International Monetary Fund . In 2015, the ten largest advanced economies by GDP in both nominal and PPP terms were Australia, Canada, France, Germany, Italy, Japan, South Korea, Spain, the United Kingdom, and the United States . </P> <P> Terms similar to developed country include "advanced country", "industrialized country", "' more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first 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 first industrialized country was the United Kingdom, followed by Belgium . Later it spread further to Germany, United States, France and other Western European countries . According to some economists such as Jeffrey Sachs, however, the current divide between the developed and developing world is largely a phenomenon of the 20th century . </P> <P> Economic criteria have tended to dominate discussions . One such criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries . Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed . More recently another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent . This criterion would define developed countries as those with a very high (HDI) rating . </P> <P> According to the United Nations Statistics Division: </P>

When do we say that a country is developed
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