Why does a large industrial sector not always indicate that a nation is fully developed?
Criteria for evaluating the degree of economic development are “Gross Domestic Product”, “Gross National Product” and “Per capita income”.
We consider more developed countries as these numbers increase. Main thing to consider here is that GDP and GNP could be high for some counties but per capita income could be low. This means that the country has developed industry due to high population.
For example, Brasil has much higher GDP than Switzerland, but Switzerland has much higher per capita income than Brasil. Even though Brasil has large industrial sector, we consider Switzerland to be more developed country because the living standard is much higher.