Developed economy

An advanced economy with a high GDP per capita, and functioning and stable social, political and economic institutions. The most straightforward definition of a developed economy is one that belongs to the 34-member OECD (Organisation of Economic Cooperation and Development) – although the OECD demands that members are also committed to democracy and the free market. For political reasons, certain low to middle-income countries such as Chile, Mexico and Turkey that are often considered as emerging markets are also included.