Developing Economies

Definition

Developing economies refer to countries that are in the process of industrialization or transitioning from primarily agrarian-based economies towards more advanced industrialized economies. These countries often face challenges related to poverty, infrastructure development, education, healthcare, and other socio-economic factors.

Related terms

Economic Development: Economic development refers to sustained progress in improving standards of living by increasing income levels, reducing poverty rates, creating employment opportunities, improving infrastructure, etc.

Global South: The term 'Global South' refers collectively to developing countries located primarily in Africa, Asia (excluding Japan), Latin America, and the Caribbean.

Millennium Development Goals (MDGs): The MDGs were a set of eight goals established by the United Nations in 2000 to address key issues such as poverty, education, gender equality, and environmental sustainability in developing countries.