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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Perhaps this could also be attributable to the fact that they began this process much earlier than lesser developed countries, and that a larger proportion of their trade is in services.
In that respect our study makes a significant contribution by also including in our sample, an array of lesser developed countries, which traditionally have not been the subject of a great deal of international R&D investment research.
As residents of lesser developed countries continue to be exposed to high levels of biomass smoke at home or at work and continue to immigrate to developed countries, it is important that health care providers in developed countries learn to recognize this clinical entity.
All current trends indicate that in the lesser developed countries the picture for increased productivity gains over the next decade are grim.
In many of the lesser developed countries, less than 10 percent of the population is enrolled in educational institutions.
Many people in lesser developed countries speak two or three languages: their own, the language of the neighbouring tribe/country.
Many WTO member countries, for instance, staunchly oppose U.S.-backed efforts to impose environmental and labor standards on trade negotiations--this is especially true among lesser developed countries who cling to their autonomy and tend to have relatively lax labor and environmental laws.
If this happened in so called lesser developed countries the whole world would be up in arms.
On the issue of climate change, which likely to be addressed in greater detail during the Copenhagen Summit in December, Patil said the UK and other countries have the technological knowhow and skills to assist lesser developed countries counter the problem.
Using the term was seen as a way to boost the image of areas previously known by the dismissive title of lesser developed countries.
"Just between you and me, shouldn't the World Bank be encouraging, more migration of the dirty industries to the LDCs (lesser developed countries)?
"Just between you and me, shouldn't the World Bank be encouraging more migration of the dirty industries to the LDC's (lesser developed countries)?" wrote Summers, who went on to serve as Treasury Secretary during the Clinton administration and is the outgoing president of Harvard University.