KENECHUKWU refers to the process of which a sovereign



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Developed and developing countries.

According to the United Nations definition on economies, a
developed economy is a sovereign state that has a highly developed economy,
infrastructure and standard of living. This is determined by evaluating basic
indexes such as the GDP (gross domestic product), GNP (gross national product),
and per capital income. This therefore means that Developing countries are
sovereign states that are in the process of industrialization.

According to the United Nations index, Developing countries
are economies that confront structural inefficiencies to sustainable
development and have high vulnerability to economic shock and low Human
development indices.

The goal of developed countries is to be more sustainable
and energy efficient with good human life quality. Developing countries have a
lot of inefficient waste management system and bad human life quality, their
goal is to get to the level of the developed countries.

Economic growth

Economic growth is generally defined or indicated by
increase in the country’s GDP, gross domestic product. GDP in simple terms is a
result of market productivity, represents the country’s output, that is,
monetary value of total export within a specific period of time. Example, In
Nigeria up to 1956, Nigerian economy relied heavily on export of agricultural
products; cocoa, flour, palm oil etc. 1957 crude oil was discovered in Nigeria
and in 1958 crude oil export was over 800,000 tones approximately two million
pounds. In one year Nigeria added two million pounds to her GDP, since Nigeria’s
GDP increased this means Nigeria experienced economic growth.

Economic Development

Economic development refers to the process of which a
sovereign nation improves the social well-being and economy of its people,
quality of life. This is often measured with the Human Development Index, this
is a model that considers or gauges a country’s level of human development
which combines an economic measure, national income, for measuring high
economic countries, indices such as life expectancy and education are frequently


• Resources are effectively and efficiently utilized in
developed countries and are controlled effectively by the government. The
government 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 financial
resources. These systems are well managed in the developed countries like the
United States. On the other hand, proper utilization of resources is not done
in developing countries, this does not denote lack of resource management
agencies but gross inefficiency in management, taking Nigeria as a case study.
• In developed countries, the birth rate and death rate are low, whereas in
developing countries both the rates are high.