“So why does the United Nations consider the US as a developed economy when its own statistics so clearly suggest otherwise? One might argue that it’s about simple wealth, or gross domestic product (GDP), the broadest measure of the economy, per capita. But if that were the measure of development then European countries such as Romania, Hungary and Slovakia should not qualify for the term “developed economy” while Bermuda, Qatar, Singapore and China should all make the list. Besides, GDP per capita is no reliable measure of wellbeing in a country like the US where the richest 5% of people own two-thirds of the national wealth.”
MC