Developing and developed regions
All target economies are also categorized into developing (1400) or developed (1500) economies. This categorization is based on a distinction between developing and developed regions that was commonly used in the past (see Hoffmeister, 2020) and is maintained by UNSD with the understanding that being part of either developed or developing region is through sovereign decision of a state (see the M49 website).
The developing economies broadly comprise Africa, Latin America and the Caribbean, Asia without Israel, Japan, and the Republic of Korea, and Oceania without Australia and New Zealand. The developed economies broadly comprise Northern America and Europe, Israel, Japan, the Republic of Korea, Australia, and New Zealand.
Other groups based on development status on UNCTADstat include least developed countries (LDCs), landlocked developing countries (LLDCs) and small island developing States (SIDS), as defined by the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS).