developing country


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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.

developing country

or

less developed country

or

underdeveloped country

or

emerging country

or

Third World

country a country characterized by low levels of GROSS NATIONAL PRODUCT and INCOME PER HEAD. See Fig. 51 . Such countries are typically dominated by a large PRIMARY SECTOR thatproduces a limited range of agricultural and mineral products and in which the majority of the POPULATION exists at or near subsistence levels, producing barely enough for their immediate needs, thus being unable to release the resources required to support a large urbanized industrial population. The term ‘developing’ indicates that, as seen by most such countries, the way to improve their economic fortunes is to diversify the industrial base of the economy by, in particular, establishing new manufacturing industries and by adopting the PRICE SYSTEM. To facilitate an increase in urban population necessary for INDUSTRIALIZATION, a nation may either IMPORT the necessary commodities from abroad with the FOREIGN EXCHANGE earned from the EXPORT of the (predominantly) primary goods, or it can attempt to improve its own agriculture. With appropriate ECONOMIC AID from industrialized countries and the ability and willingness on the part of a developing country, the transition into a NEWLY INDUSTRIALIZED COUNTRY could be made.

Certain problems do exist, however. For instance, increases in real income that are achieved need to be maintained, which means keeping population numbers in check. Illiteracy and social customs for large families tend to work against governmental efforts to increase the STANDARD OF LIVING of its citizens. Also, most of the foreign exchange earned by such countries is by exporting, mainly commodities (see INTERNATIONAL TRADE). See ECONOMIC DEVELOPMENT, STRUCTURE OF INDUSTRY, DEMOGRAPHIC TRANSITION, POPULATION TRAP, INTERNATIONAL COMMODITY AGREEMENTS, UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT, INTERNATIONAL DEBT.

References in periodicals archive ?
Generally accepted accounting practices require banks that intend to swap or sell a claim on a developing country (or any other credit) to value that credit at current market value and to estblish sufficient reserves to cover any anticipated losses associated with that transaction.
Much headway already undertaken to resolve the developing country debt crisis could be lost by requiring an ATRR against credits to countries that are following responsible economic and debt-servicing policies.
To weaken international patent protection and allow any developing country to steal and nationalize the intellectual property of pharmaceutical companies will be perhaps the most glaring and destructive example of the Law of Unintended Consequences in recent memory.
The report also said that even though developing countries have weaker environmental regulatory systems, there was no evidence that companies located an operation in a developing country because it was a pollution haven, and that companies tend to bring their pollution-control and energy-efficiency standards with them because, among other reasons, it's more economically efficient to maintain standard production processes and management systems.
MIGA's multilateral character and joint sponsorship by developed and developing countries enhances confidence among investors with different nationalities seeking to invest jointly in an investment project in a developing country such as Ukraine.
Developing country leaders are looking for exactly the kind of support that this kind of initiative will provide," said Jeff Sachs, Director of CID at Harvard University.
The leading destinations for this financing include some of the largest developing country sources of greenhouse gas emissions: Brazil, China, India, Indonesia, and Mexico.
The report reveals that democratic countries' market share of developing country exports to the U.
Art Lilley, one of the founders of CPC and former chairman of the board of the United States Export Council for Renewable Energy, stated: "The typical off-grid home owner in a developing country spends more than $100 annually on low-efficiency, polluting and costly energy services based on kerosene, candles, wood and dry-cell batteries.

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