ECONOMIC DEVELOPMENT. DEFINING THE DEVELOPING WORLD. This is a classification of all the member countries of the World Bank and other economies with populations more than 30,000. The groups made are as follows: . WORLD BANK CLASSIFICATION SYSTEM. LIC OR LOW INCOME LMC OR LOW MIDDLE INCOME
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DEFINING THE DEVELOPING WORLD
This is a classification of all the member countries of the World Bank and other economies with populations more than 30,000. The groups made are as follows:
YET ANOTHER WAY TO CLASSIFY THE DEVELOPING WORLD IS THROUGH THE DEGREE OF THEIR INDEBTEDNESS;
FINALLY THE UNDP CLASSIFIES COUNTRIES ACCORDING TO THEIR LEVEL OF HUMAN DEVELOPMENT (HDI), INCLUDING HEALTH AND EDUCATIONAL ATTAINMENTS.
There is no single internationally-recognized definition of developed country, and the levels of development may vary widely within so-called developing countries, with some developing countries having high average standards of living.
1. Size and income level
2. Historical background
3. Physical and human resources
4. Ethnic and religious composition
5. Relative importance of public and private sectors
6. Industrial structure
7. External Dependence
1,016 MILLION- POP.
$460 PER CAPITA INCOME LEVEL
4 MILLION- POP.
$24,740 PER CAPITA INCOME
1. Low levels of living
2. Low levels of productivity
3. High rates of population growth and dependency burdens
4. Substantial dependence on agricultural production and primary exports
5. Prevalence of imperfect markets or simply “missing markets.”