Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.
Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita.
Another economic criterion is industrialisation; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed.
The index, however, does not take into account several factors, such as the net wealth per capita or the relative quality of goods in a country.
The term industrialized country may be somewhat ambiguous, as industrialisation is an ongoing process that is hard to define.
[14] Multinational corporations from these emerging markets present unique patterns of overseas expansion and knowledge acquisition from foreign countries.
[21] There are 22 permanent members in the Paris Club (French: Club de Paris), a group of officials from major creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.