Stages of Development

Definition

Stages of development refer to the varying levels of economic, social, and technological progress that countries experience over time. These stages are often categorized based on indicators such as GDP per capita, industrialization, literacy rates, and life expectancy.

Related terms

Least Developed Countries (LDCs): Nations characterized by low income levels, limited industrialization, high poverty rates, and weak human resources.

Newly Industrialized Countries (NICs): Countries experiencing rapid economic growth and industrialization but not yet considered fully developed.

Human Development Index (HDI): A composite measure that evaluates a country's overall well-being by considering factors like life expectancy, education level, and standard of living.