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Definition of:

developed, developing countries [code 491]
There is no established convention for the designation of “developed” and “developing” countries or areas in the United Nations system. In common practice, Japan in Asia, Canada and the United States in northern America, Australia and New Zealand in Oceania and Europe are considered “developed” regions or areas. In international trade statistics, the Southern African Customs Union is also treated as developed region and Israel as a developed country; countries emerging from the former Yugoslavia are treated as developing countries; and countries of eastern Europe and the former USSR countries in Europe are not included under either developed or developing regions.

Reference
United Nations. Standard country or Area Codes for Statistical Use. Series M, No. 49, Rev. 4 (United Nations publication, Sales No. M.98.XVII.9). Available in part at http://unstats.un.org/unsd/methods/m49/m49regin.htm.