Initially, I thought of only writing about the my experience of observing Chinese history and culture. However, a recent article and my knowledge in Economics has diverted my focus to write a blog post on Economics.

I have always studied that some countries are called developed nations and others are developing nations. I believe, this was in my 5th standard. The definition did not change until I have extensively studied Economics as part of my Zero Cost MBA(Envisioning 21st century global manager) project. Through the study of Economics, I have finally able to understood, how a country is classified as either develop or developing. Though, I am not an expert in Economics but still understand lot of things giving me confides to write this blog post.

Although, the term of developed and developing countries has remained different for different institutions, a general approach is to look at GDP, GNP, Per capita Income and Human Development Index.

I was reading an article while traveling in the bus. It was more about developed world/developing countries and compared their economics climate. I have started to discuss this with a person sitting next to me. He seemed to have a lot of knowledge on the different mattes of Economics. We were discussing difference between developing and developed countries and how a country can become a developed nations.

He made a joke in the middle of our discussion. He made a particular mention about the headlines surrounding the Greece Crisis (which has started from past 3-4 years and still not resolved). He simply said that despite so much debt and not much money to pay back, Greece is still considered a developed country. While, countries like China who have grown to become 2nd largest growing economy are still considered Developing countries.

It took me some time to think and I believe he was right. And, if I look some of the parameters like GDP, GNP, Per Capital Income and Human Development Index , then China can easily surpass many of the developing countries. It is not just about Greece, many other countries can be ruled out to become a developing countries based on these criterion.

So, will my text book change it in future? that countries like China and other growing economies can be considered now a developed nations. Hopefully, may be in future. What do you all think?

Ps: No offense to my close friends in Greece. This article is just about making a logical opinion. Please do not take it personally.