WER-8

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WER-8 Application Field and Working Principle

WER-8 is a classification system developed by the World Economic Report (WER) for assessing advanced economies within the World Economic System (WES). The WER-8 classification system is used to classify economies according to their stages of economic development. The WER-8 classifications range from advanced economies to developing nations.

Advanced Economies

Advanced economies, according to the WER-8 classification system, are countries with a high GDP per capita, a skilled labor force, and high levels of technology. These countries have developed and diversified economies and are highly productive. Examples of advanced economies include the United States, Canada, Japan, Germany, France, the United Kingdom, and South Korea.

Emerging Economies

Emerging economies, as defined by the WER-8 classification system, are countries in the process of becoming industrialized. These countries are not as developed as the advanced economies, but they are still in the process of achieving rapid economic growth. Examples of countries classified as emerging economies include China, India, Indonesia, Mexico, and Brazil.

Developing Economies

Developing economies are countries at a lower level of economic development than advanced and emerging economies. They typically have low levels of industrial development and a skilled labor force that is largely unskilled. Examples of countries classified as developing economies are Nigeria, Kenya, Bangladesh, and Haiti.

Working Principle

The WER-8 classification system works by looking at the economic indicator data that has been collected from countries around the world. This data is then used to create a classification system which assesses each economy based on their GDP per capita, labor force, and technology. The ultimate result is a classification of countries into one of the three distinct categories of advanced, emerging, and developing economies.

Conclusion

The WER-8 classification system is an important tool for understanding economic development around the world. By assessing countries based on their economic indicators, the WER-8 classification system helps to identify and classify countries according to their stages of economic progress. This classification helps to prioritize investments and development strategies for emerging and developing economies, as well as to assess the economic health of advanced economies in comparison to the rest of the world.

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