A developing country is any of the world's poor, or "have-not," nations. Such nations were once called underdeveloped countries, but most economists now prefer the terms developing country, less developed country, or L.D.C. Many of the developing countries are in Africa, Asia, and South America. A typical developing nation has a shortage of food, few sources of power, and a low gross domestic product (GDP). GDP is the value of all the goods and services produced in a country during a year. Economists often classify nations on the basis of per capita (for each person) GDP—that is, the GDP divided by the population.
Most developing countries have an increasing population, chiefly because death rates are decreasing and birth rates remain high. These population increases put new pressures on scarce resources. Physical capital, such as machinery and efficient transportation systems, is scarce in developing countries. So is social capital, such as good education and health systems and stable government. Disease, illiteracy, and inadequate equipment keep agricultural and commercial production low. These factors are most harmful in rural areas, where most of the people live. The people depend on one or two main crops, and suffer if these crops fail. Richer nations are helping some developing countries conquer poverty, but progress is uneven. Some countries, especially in Africa, are becoming poorer. About three-fourths of the world's people still live in developing countries.
- Developed country – “a country that has reached a stage of economic development characterized by the growth of industrialization. In developed countries, the amount of money made by the population (national income) is enough to pay for schools, hospitals and other services. Population growth in developed countries is usually slower than in developing countries.”
- Developing country - third world country Definition - “a country that has not reached the stage of economic development characterized by the growth of industrialization. In developing countries, the amount of money made (national income) is less than the amount of money needed to pay for schools, hospitals and other services (domestic savings). Often these countries also have big populations, which are growing very fast. This means that there is very little money to build new factories and increase the national income. Developing countries find it hard to break this cycle of poverty.”
- Least Developed Country – “A country designated by the UN as least developed based on criteria of low per capita GDP, weak human resources (life expectancy, calorie intake, etc.), and a low level of economic diversification (share of manufacturing and other measures). There are currently 50 LDCs.”
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