Less Developed Country (redirected from Developing economies)

Less Developed Country

A country with lower GDP relative to other countries. Less developed countries are characterized by little industry and sometimes a comparatively high dependence on foreign aid. Less developed countries often undertake programs of development, with greater or lesser interventions on the part of the national governments. They are major borrowers from organizations such as the World Bank. While no strict definition of which countries are less developed exists, most countries that do not belong to the OECD are considered less developed. See also: International development.

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less developed country (LDC)

A country with relatively low per capita income and little industrialization. Less developed countries have been major borrowers from a number of banks worldwide.