developing country

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Related to Developing economies: Emerging 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.

developing country

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less developed country

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underdeveloped country

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emerging country

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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 ?
For example, between 1950 and 1980, average per capita consumption growth in developing economies was 1.
Help developing economies implement their commitments under the WTO Trade Facilitation Agreement (Article 7.
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This would in turn raise China's stature among developing economies, which it had already successfully cultivated during the 1960s and 1970s through its generous technical assistance programs.
Despite this potential in developing economies, the focus on price as a product differentiator may lead to intense price pressures among manufacturers and bring down the value of the overall market in the short term.
It is too soon to judge whether the financial crisis that beset some of the most successful developing economies in Asia and Latin America at the end of the 1990s marked the beginning of a new era of slower growth--due, for example, to global excess capacity in many of the industries in which these economies compete--or merely a warning to avoid risky financing structures and eliminate wasteful corruption.
APEC officials said that Western developed member economies and Asian and developing economies were mainly at loggerheads over whether the WTO's new round of talks should be broad-based, as insisted on by Japan and other Asian countries, or sectoral in approach, as pushed by the United States, Australia and New Zealand.
In segments like protective gloves and fall protection, developing economies expect manufacturers to compete mainly on price.
The frontier markets it is worth splitting them into two types of market, one would be classical developing economies and the other the high GDP per capita economies.
An expanded dialogue between representatives from developed and developing economies was seen as especially important.
21 Kyodo Trade officials from developing countries, seeking fairer rules under the World Trade Organization (WTO), should, one suggested Thursday, get developing economies commit themselves to join in when a developing country tries to retaliate for trade violations.

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