Everything about Developing Countries totally explained
A
developing country is that country which has a relatively low
standard of living, an undeveloped
industrial base, and a moderate to low
Human Development Index (HDI) score and
per capita income, but is in a phase of
economic development. Usually all countries which are neither a
developed country nor a
failed state are classified as developing countries, despite the above facts, this isn't true for all countries as some developing countries are far more developed than some
developed countries.
Countries with more advanced economies than other developing nations, but which have not yet fully demonstrated the signs of a
developed country, are grouped under the term
newly industrialized countries. Other developing countries which have maintained sustained economic growth over the years and exhibit good economic potential are termed as
emerging markets. The
Big Emerging Market (BEM) economies are
Argentina,
Brazil,
China,
Egypt,
India,
Indonesia,
Mexico,
Poland,
Russia,
South Africa,
South Korea and
Turkey. The application of the term
developing country to any country which isn't developed is inappropriate because a number of poor countries have experienced prolonged periods of economic decline. Such countries are classified as either
least developed countries or
failed states.
Development entails a modern infrastructure (both physical and institutional), and a move away from low
value added sectors such as
agriculture and
natural resource extraction. Developed countries, in comparison, usually have
economic systems based on continuous, self-sustaining
economic growth in the
tertiary and
quaternary sectors and high standards of living.
Measure and concept of development
The development of a country is measured with statistical indexes such as income
per capita (per person) (
GDP),
life expectancy, the rate of
literacy, et cetera. The UN has developed the
HDI, a compound indicator of the above statistics, to gauge the level of human development for countries where data is available.
Developing countries are in general
countries which have not achieved a significant degree of
industrialization relative to their populations, and which have a low
standard of living. There is a strong
correlation between low income and high
population growth.
The terms utilized when discussing developing countries refer to the intent and to the constructs of those who utilize these terms. Other terms sometimes used are less developed countries (LDCs), least economically developed countries (LEDCs), "underdeveloped nations" or
Third World nations, and "non-industrialized nations". Conversely, the opposite end of the spectrum is termed
developed countries,
most economically developed countries (MEDCs),
First World nations and "industrialized nations".
To moderate the
euphemistic aspect of the word
developing,
international organizations have started to use the term
Less economically developed country (LEDCs) for the poorest nations which can in no sense be regarded as developing. That is, LEDCs are the poorest
subset of LDCs. This also moderates the wrong tendency to believe that the standard of living in the entire developing world is the same.
The concept of the developing nation is found, under one term or another, in numerous theoretical systems having diverse orientations — for example, theories of
decolonization,
liberation theology,
Marxism,
anti-imperialism, and
political economy.
Critics believe that at times the word "developing" is a misnomer. In the case of countries ravaged by European colonialism, the word "re-developing" may be more accurate since there were successful economic systems prior to colonialism. Allegedly due to ethnocentrism, Western analysts generally deem these prior interactions invalid and don't consider them "developed". The premise is that "to develop" is the same thing as "to develop in a western manner".
List of Emerging and Developing Economies
The following are considered
Emerging and Developing Economies according to the
International Monetary Fund's World Economic Outlook Report, April 2008.
Typology and names of countries
Countries are often loosely placed into five categories of development. Each category includes the countries listed in their respective article. The term "developing nation" isn't a label to assign a specific, similar type of problem.
Newly industrialized countries (NICs) are nations with economies more advanced and developed than those in the developing world, but not yet with the full signs of a developed country.
Countries with an inconsistent record of development: most countries in Africa, Central America, and the Caribbean (except Jamaica, in category 2, and Puerto Rico, a U.S. territory); much of the Arab World; also a few countries from Southeast Asia (Laos and Cambodia). 76% of the world's countries fall under this category.
Countries with long-term civil war or large-scale breakdown of rule of law or non-development-oriented dictatorship ("failed states") (for example Afghanistan, Haiti, Somalia, Myanmar, Iraq, North Korea); they sometimes also have low resources.Further Information
Get more info on 'Developing Countries'.
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