Developing A Economically Developed Countries

1649 WordsDec 10, 20157 Pages
• More economically developed countries (MEDC) - Countries with sovereign states and that has a highly developed economy with advanced technological industries as compared to other countries. The Human Development index, standard of living as well as the Gross national product of these economies is on the upper level of every chart. According to the International Monetary Fund, advanced economies comprise 60.8% of global nominal GDP and 42.9% of global GDP (PPP) in 2014. COUNTRY KOF INDEX OF GLOBALIZATION HUMAN DEVELOPMENT INDEX GINI COEFFICIENT IRELAND 91.30 0.899 34.3 NETHERLANDS 91.24 0.915 30.9 BELGIUM 91.00 0.881 33.0 UNITED KINGDOM 82.96 0.892 36.0 UNITED STATES OF AMERICA 74.81 0.914 40.8 These countries exhibited an increase from 19% to 23% between 1990 and 2004, in global trade and exports. Their average annual expenditure of GDP is about 1.8%. All of the above nations rank among the top 10 of the world’s most globalized in all aspects including social, financial and political globalization. An article published in the Irish Times, dated 16th February, 2015, reports that the gap between the rich and poor is constantly increasing, with more than a third of the national income condensed in the top 10% of the earners. The research shows that Ireland is now the most unequal country in the EU, with focus on unequal distribution of incomes. The article also states that with one in five workers are on low pay, the Irish system is on the threshold of its ‘breaking
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