A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$12,696 or more in 2020, calculated using the Atlas method. While the term "high-income" is often used interchangeably with "First World" and "developed country," the technical definitions of these terms differ.
Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
The term "Third World" arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact.The United States, Canada, Japan, South Korea, Western European nations and their allies represented the "First World", while the Soviet Union, China, Cuba, North Korea, Vietnam and their allies represented the "Second World".
The World Bank ranking list is based on the data for the year 2020 published online. The World Bank is a United Nations international financial institution , a component of the World Bank Group , and a member of the United Nations Development Group , but it also collects and analyses information on demography issues based on international and ...
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 4th largest economy in Asia and the 10th largest in the world. South Korea is notable for its emergence of economic development from an underdeveloped nation to a developed, high-income country in a few generations.
The economy of Denmark is a modern mixed economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade. The economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture.
A forecast states that China will become the world's largest economy in nominal GDP by 2028. China account for 18.79% share of global economy in 2022 in PPP terms. China is the world's largest manufacturing economy and exporter of goods. It is also the world's fastest-growing consumer market and second-largest importer of goods.