Economies of Different Countries
Mention latest changes in economies of different countries whose classification is on the following basis:
Advanced economies: post-industrial countries characterized by high per-capita income, highly competitive industries, and well-developed commercial infrastructure. E.g. Australia, Canada, Japan, United States and Western European countries.
Developing economies: low-income countries characterized by limited industrialization and stagnant economies. E.g., most low income countries in Africa, Latin America, and Asia, such as Bangladesh, Nicaragua and Zaire. Emerging market economies: a subset of former developing economies that have achieved substantial industrialization, modernization, improved living standards, and remarkable economic growth. They are some 27 countries in East and South Asia, Latin America, Middle East and Eastern Europe. Examples: Brazil, Russia, India, China.
There are numerous factors that are considered while analyzing the economies of different countries. And these factors highly affect the conditions and structure in the economies of the countries.
The factors could be per-capita income, infrastructure, industrialization, standard of living, education, literacy rate, etc.
On the basis of these factors, there are basically 3 main classifications of the economies: * Advanced or Developed economies:
It consists of high per-capita income, high degree of industrialization, high living standards, and highly competitive industries.
* Developing economies
They have limited industrialization and low income countries.
* Emerging market economies
These are the subset of developing economies having substantial industrialization.
The economic freedom score of Hong Kong is 79.9, making its economy the 6th freest economy in the 2012 Index. Its overall score is 0.9 point lower than the last year’s score. This is because of the worsening scores for