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Developed countries have generally more advanced post-industrial economies means the service sector provides more wealth than the industrial sector .They are contrasted with developing countries which are in process of industrialisation and almost entirely agrarian some of which might fall into the category of least developed countries .Developed country is also called industrialized country has a nature and sophisticated economy usuallymeasured by average income per resident .Developed countries have advanced technological infrastructure and have diverse industrial and service sectors .
The newly industrialized country (NIC) is part of a socio economic class that has recently made advance in industrialization.Grater economic shift although this process of stabilization maybe incomplete or ina stage of infancy.A NIC is one whose economic development is between developing and highly developed classifications.In almost all NICs grater industrialization has led toincreased trade grater economic growth participation in regional trading blocs and attraction of foreign investment especially from developed countries .
Less developed countries are low income countries that face structural changes to sustainable development. Less developed countries are highly vulnerable to economic and environmental shocks and have fewer human assets than other nations