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And it notes that:

The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process.

Nevertheless, the UN Conference on Trade and Development (UNCTAD) considers that this categorization can continue to be applied:

The developed economies broadly comprise Northern America and Europe, Israel, Japan, the Republic of Korea, Australia, and New Zealand.

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