Developing vs Developed Nation Debate

Developing vs Developed Nation Debate

Tags:      Gig Economy     Economy     WTO     WTO Public Stockholding     MSP     Economic Growth     Masala Bond     Environmental Performance Index     Forecast of Economic Growth     Functions of the Finance Commission

In today's world, we often hear the terms "developing nations" and "developed nations" being used to describe different countries' economic and social classes. But what exactly do these terms mean, and what are the differences between developing and developed countries? In this blog post, we will explore the core differences between these two groups of nations and provide examples of some developing and developed countries.

Differentiating Developing vs Developed Nation - Developing nations are countries that are still in the process of building their economies, infrastructure, and social structures. These nations usually have lower life expectancies, high infant mortality rates, and low literacy rates compared to developed countries. They tend to rely on agricultural and natural resources for their economic activity and may have a high degree of poverty and income inequality. On the other hand, developed nations are countries that have already built strong economies, infrastructures, and social structures. These nations usually have higher standards of living, lower mortality rates, high literacy rates, and a higher GDP per capita than developing nations. They tend to rely on advanced technologies, manufacturing, and service-based economies for their economic activity.

Features of Developed Countries - Some of the outstanding features of developed countries include excellent infrastructure like transportation systems, communication networks, and healthcare systems. Developed countries also have excellent educational systems that guarantee primary, secondary, and tertiary education to the citizens. These nations have a low population growth rate and higher life expectancies, which translates to better health outcomes for their populations. Developed countries also have stable political systems that enable them to plan their long-term economic development strategies and attract foreign investment.

Examples of Developing Countries - Several countries in Africa, Asia, and Latin America are classified as developing countries. Examples include Nigeria, Kenya, Ghana, Bangladesh, China, India, and Mexico. These countries are still grappling with a wide range of development challenges, including poverty, high infant mortality rates, low literacy rates, and low levels of investment in infrastructure. However, these countries are also making significant strides towards improving their economies and social structures.

In conclusion, the difference between developing and developed countries mainly lies in their economic, social, and infrastructure development levels. Developed countries are already advanced, while developing countries are still striving to catch up. However, the journey to development is not linear, and developing countries can leapfrog their development by leveraging technology and making smart policy decisions. As of 2020, developing countries still face numerous challenges that require collaboration and support from developed countries, international organizations, and civil