It is possible for countries to change from being classified as ‘developing’ to being classified as ‘developed’. An increase in a country’s level of economic development can be explained by gradual improvements made to each of the five economic indicators.
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Life expectancy: Improved access to healthcare and medication in developing countries may increase the average life expectancy for their populations. Healthier people can mean more people
working and contributing to the economy.
Education rates:
More years spent in education indicates training for tertiary
activities, which indicates a growing economy.
Increased GDP:
If people are healthier, enjoy a higher standard of living and work in a wider variety of skilled jobs, the gross domestic product rate will grow. Products and services will be both imported and exported.
Type of employment:
Better-educated people are prepared for highly skilled jobs. These jobs also tend
to be better paid; therefore, people have more money to spend in the economy and enjoy a higher standard of living.
Adult literacy rates: If more adults can read and write, this increases their chances of working in more skilled, secondary or tertiary activities, which indicates a growing economy.
