A developed country, industrialized country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate.
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 undeveloped countries, which are pre-industrial and almost entirely agrarian. According to the International Monetary Fund, advanced economies comprise 65.8% of global nominal GDP and 52.1% of global GDP (PPP) in 2010. In 2013, the ten largest advanced economies by nominal GDP were the United States, Japan, Germany, France, the United Kingdom, Italy, Canada, Australia, Spain and South Korea. By PPP GDP, they were the United States, Japan, Germany, France, the United Kingdom, Italy, South Korea.
The Development of SAUDI ARABIA
The history of Saudi Arabia, as a state, began with its foundation in 1933 by Abdulaziz Al Saud, although the human history of the region that is now Saudi Arabia extends as far as 20,000 years ago. The region has twice in world history had a global impact.[who?] The first was in the 7th century when it became the cradle of Islam. The second was from the mid-20th century when the discovery of vast oil deposits propelled it into a key economic and geo-political role. At other times, the region existed in relative obscurity and isolation, although from the 7th century the cities...