Forum members may be interested in the official ways in which countries are categorised by the World Bank (and which is followed by the IMF and other UN and non-UN agencies). You can find the latest brief summary of Cyprus at
http://devdata.worldbank.org/external/CPProfile.asp?PTYPE=CP&CCODE=CYP
You can download the full World Development Report [url]
http://econ.worldbank.org/WBSITE/EXTERN ... 24,00.html[/url] The 2008 Report is due out in mid-September. However for some reason which I can't quite fathom, Cyprus is not included in the main body of statistics and is referred to in the 'other economies' table where there are only a couple of handfuls of stats.
Having said that if you take average per capita (annual) income (PCI) as an indicator of development (and average income always hides disparities in income) then for 2005 Cyprus has an average PCI of US$16,500, roughly comparable with Bahrain and Malta, Korea, Hungary, Portugal, and Slovenia. For a sense of perspective the PCI in 2005 for Mexico is US$7310, Turkey US$4710, UK US$32,690, Greece US$23,600, Malaysia US$10,300, Algeria US$6,720.
It is always worth taking any statistics with a large pinch of salt, and should always be aware that there is always a c.two year time lag in the publication of these kinds of official stats.
You'll find a different method of classifying countries at [url]
http://hdr.undp.org/hdr2006/statistics/ ... s_CYP.html[/url] This is researched and worked out by the UNDP (UN Development Programme) and is a useful way of comparing more qualitative assessments with the more usual quantitative assessments.
Generally speaking terms like 'third world' have been abandoned (the term was a product of the Cold War) as have terms such as 'underdeveloped'. Instead there is a tendency to use terms such as "least developed" "developing" "industrlalised", or in the official World Bank documents you'll see the use of terms such as "lower middle income". Of course how you categorise countries all depends on what it is you are trying to measure.
Of course none of these statistical categorisations tell us anyting about what it feels like to live in a country or whether we feel safe, prosperous or content.