Developing nations are closely watched by the International Monetary Fund IMF and the World Bank , which seek to provide global aid for the purposes of projects that help to improve infrastructure and economic systems comprehensively. Both organizations refer to these countries as lower-middle or low-income countries. Developing nations, or LMIC, can be the target of many investors seeking to identify potentially high returns through possible growth opportunities, though risks are also relatively higher.
While developing countries are generally characterized as performing poorer economically, innovative and industrial breakthroughs can lead to substantial improvements in a short amount of time. First-World countries were known as the most highly industrialized nations whose views aligned with the North Atlantic Treaty Organization and capitalism.
Second-World countries supported communism and the Soviet Union. Most of these countries were formerly controlled by the Soviet Union. Many countries of East Asia also fit into the Second-World category. Now, in part because the Soviet Union no longer exists, the definition of Third World is outdated and considered offensive. Alfred Sauvy, a French demographer, anthropologist, and historian, is credited with coining the term Third World during the Cold War.
Sauvy observed a group of countries, many former colonies, that did not share the ideological views of Western capitalism or Soviet socialism. In the modern-day, most countries on Earth fall into one of three general categories that some refer to as developed, emerging, and frontier.
The world segmentations have somewhat migrated to fit within these categories overall. The developed countries are the most industrialized with the strongest economic characteristics.
The emerging countries are classified as such because they demonstrate significant strides in various economic growth areas though their metrics are not as stable. The frontier markets often closely mirror the old Third-World classification and often show the lowest economical indicators. The evolutions of the worldly segmentations have become historic and obsolete. This index includes the following countries:.
The WTO divides countries into two classes: developing and least developed. There are no criteria for these classifications so countries self-nominate, though statuses can be contested by other nations. This nation demonstrates relative strength across all the metrics and combines a robust economy with a high standard of living for the majority of its residents. Although the country is below average in environmental quality, the health and life expectancy for residents are in line with other developed countries.
Nigeria is a developing country. The Federal Republic of Nigeria's GDP is far too low, as are the country's living standards, for it to be considered a developed nation. Poland is a developed country. Russia is a country in transition. Russia is not currently classified as a developed country, though it once reigned alongside the United States as a world superpower. As is typical of a non-developed country, the exportation of natural resources fuels much of Russia's economy.
Its infant mortality rate is five per 1,, while life expectancy is 73 years since birth, below the global average of Saudi Arabia is a developing country. On a purely monetary level, the Kingdom of Saudi Arabia is rather successful when compared to other developing countries. It was the largest economy in the Middle East in terms of GDP in ; however, its economy lacks diversification. South Korea is a developing country. The country has a strong GDP and offers its citizens widespread access to quality healthcare and higher education.
That said, the country is reliant on exports and is currently facing other major challenges, such as an aging population and low worker productivity. Spain is a developed country. Nearly all organizations that analyze development status classify Spain as such. Sweden is a developed country. Sweden is one of the most highly developed post-industrial societies in the world. Sweden's life expectancy—now at nearly 83 years since birth—increased by eight years between and , while infant mortality has dropped from seven deaths per 1, live births to two during the same period.
Switzerland is a developed country. According to the World Bank, of countries listed for , Switzerland had the fourth highest GDP per capita and the highest of any country on this list. Thailand is a developing country. The Kingdom of Thailand is the second-largest economy in Southeast Asia. About two-thirds of the country's GDP is derived from exports of electronics, agricultural commodities, automobiles and parts, processed foods, and other goods.
More recently, pro-democracy protests have been ongoing since Feb. Turkey is a developing country. Turkey is perhaps the best example of a country that straddles the line between developed and developing. In the past, the UN has classified it as a developed country. Today, most groups, including Turkey itself, agree on the country's status as a developing nation.
The United Kingdom is a developed country. The U. The United States is a developed country. United Nations. Accessed May 21, International Monetary Fund. The World Bank. Open Textbook Library. National Center for Biotechnology Information, U. National Library of Medicine. International Labour Organization. International Business Degree Guide. United Nations Development Programme.
Obserwator Finansowy. RAND Corporation. Advocates for International Development. World Trade Organization. World Bank Blogs. Australian Government: Department of Health. One World Nations Online. Developing countries also often face challenges in energy production, as well as higher rates of violence against women.
They may even struggle with health risks such as decreased access to safe water and sanitation, high levels of pollution, and a high percentage of people with infectious diseases.
The United Nations and many other organizations have established programs to help developing countries overcome the social, political, economic, and environmental challenges they face. Developing Countries Yet it has managed to curb the outbreak without enforcing lockdown. Early aggressive testing strategies and having the humility to ask the WHO for information on best practices were among the ingredients of its successful response.
Along with Costa Rica , Uruguay also introduced a temporary reduction in salaries for its highest paid government officials to help fund the pandemic response. The measure was passed unanimously in parliament and contributed to high levels of social cohesion. Necessity is said to be the mother of all invention — where money is in short supply, ingenuity abounds.
This has been just as true during COVID as at any other time, and is another lesson the developed world would do well to consider. Likewise, scientists in Rwanda developed a clever algorithm that allowed them to test lots of samples simultaneously by pooling them together. This reduced costs and turnaround times, ultimately leading to more people being tested and building a better picture of the disease in the country.
Colombia has developed the CoronApp , which allows citizens to receive daily government messages and see how the virus is spreading in the country without using up data.
Chile has created a low-cost, unpatented coronavirus test , allowing other low-resource countries to benefit from the technology. In Ghana, a former pilot whose company specialises in spraying crops repurposed his drones and had them disinfect open-air markets and other public spaces. This quickly and cheaply got a job done that would normally have taken several hours and half a dozen people to do. And in Zimbabwe, online grocery start-ups are offering new opportunities for food sellers to retain customers wary of shopping in person.
This pandemic is another wake-up call. Global action, however, requires moving beyond national interests to identify with the needs of others. Unlike relationships of solidarity within nation states — which are based on a shared language, history, ethnicity and so on — global relationships need to recognise the interdependence of diverse actors. Global solidarity is so difficult to achieve because it must accommodate difference rather than rely on commonality.
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