Characteristics of developed economies
Briefly, the characteristics of developed economies can be summarized.
- High rate of Gross Domestic Product (GDP) and per capita incomes.
- High degree of urbanization.
- Resources are well exploited.
- High rates of capital accumulation.
- Low levels of illiteracy.
- High rate of energy consumption.
- Technologically advanced.
- Adequate social infrastructure.
- High degree of industrialization.
- High purchasing power.
- Fair distribution of resources.
- Favourable Balance of Payments position.
- High degree of specialization.
- High level of political maturity.
- Low levels of unemployment.
- Balanced sectoral contribution to national income.
- Improved quality of goods and services.
- Reduced dependency of any nature.
- Favourable age distribution.
- Mortality and fertility rates are low.