What Makes A Country Classified As Less Developed Countries? Essay

1032 Words Jun 23rd, 2015 null Page
According to the World Bank there are currently 157 less developed countries in the world. Basically what makes a country classified as less developed is that fact that they are unindustrialized. A less developed country or LDC is usually lacking in terms of its economy, more specifically their per capita gross domestic product is very low. It is evident, that many of these less developed economies will never develop to the point where they can provide an adequate standard of living.
One reason that these LDC are unable to provide this relief to their people is because there are many factors that prevent and retard economic growth. Economic growth is the most important means of reducing poverty, it is the increase in the amount of goods and services produced per head of the population over a period of time. Less developed countries share many similar characteristics to each other. These include low or negative GDP, weak institutions, financial burdens, high unemployment, unsuitable laws and regulations and of course a poor infrastructure. In order to understand why most LDC have these similarities, one must first understand what brought these characteristics about.
The Colonial experience is something that many countries have gone through. It happens when one country is ruled by another. The mother country is usually exploiting the host country for its resources. It happened here in the United States when we belonged to Britain. However, unlike most countries…

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