Developed and developing countries

DEVELOPED, DEVELOPING, AND LEAST DEVELOPED COUNTRIES


1. General definitions

Term: Developed countries
Definition: Countries with high levels of real national income per head and relatively large tertiary sectors.

Term: Developing countries
Definition: Countries with low levels of real national income per head and relatively large primary sectors.

Term: Less Developed Countries
Definition: Countries who are generally characterized by low levels of GDP and income per head. They usually have a heavy dependence on the primary sector of the economy. In the case of many developed countries this is true with dependence on agriculture and primary products.

Term: Least Developed Countries
Definition: The very poorest of the Less Developed Countries.


2. Who are considered the developed and developing countries in the international market?

According to the World Trade Organization (WTO), there are no definitions of “developed” and “developing” co...