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What are the economic differences between developing and developed countries?
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The most significant economic difference between developing and developed countries is the disparity in Gross Domestic Product (GDP) per capita. Developed countries tend to have higher per capita income and higher standards of living than developing nations. In addition, developed countries often have greater access to technology, better infrastructure, and more reliable financial services. These countries also have higher levels of employment and more diversified economies linked to global markets. In contrast, many developing countries rely on the extraction of natural resources, have higher levels of poverty, and suffer from lower levels of technological advancement.