KENECHUKWU ARINZE OKUDOKM16ENG Developed and developing countries.According to the United Nations definition on economies, adeveloped economy is a sovereign state that has a highly developed economy,infrastructure and standard of living. This is determined by evaluating basicindexes such as the GDP (gross domestic product), GNP (gross national product),and per capital income. This therefore means that Developing countries aresovereign states that are in the process of industrialization.
According to the United Nations index, Developing countriesare economies that confront structural inefficiencies to sustainabledevelopment and have high vulnerability to economic shock and low Humandevelopment indices.The goal of developed countries is to be more sustainableand energy efficient with good human life quality. Developing countries have alot of inefficient waste management system and bad human life quality, theirgoal is to get to the level of the developed countries.Economic growthEconomic growth is generally defined or indicated byincrease in the country’s GDP, gross domestic product. GDP in simple terms is aresult of market productivity, represents the country’s output, that is,monetary value of total export within a specific period of time.
Example, InNigeria up to 1956, Nigerian economy relied heavily on export of agriculturalproducts; cocoa, flour, palm oil etc. 1957 crude oil was discovered in Nigeriaand in 1958 crude oil export was over 800,000 tones approximately two millionpounds. In one year Nigeria added two million pounds to her GDP, since Nigeria’sGDP increased this means Nigeria experienced economic growth.Economic DevelopmentEconomic development refers to the process of which asovereign nation improves the social well-being and economy of its people,quality of life. This is often measured with the Human Development Index, thisis a model that considers or gauges a country’s level of human developmentwhich combines an economic measure, national income, for measuring higheconomic countries, indices such as life expectancy and education are frequentlyused. • Resources are effectively and efficiently utilized indeveloped countries and are controlled effectively by the government.
Thegovernment sets up agencies responsible for the management of resources,financial, mineral resource agencies, etc. These resources when managed,minerals for example are used for production or sold and converted to financialresources. These systems are well managed in the developed countries like theUnited States. On the other hand, proper utilization of resources is not donein developing countries, this does not denote lack of resource managementagencies but gross inefficiency in management, taking Nigeria as a case study.• In developed countries, the birth rate and death rate are low, whereas indeveloping countries both the rates are high.