What are the characteristics of a developing contry
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Developing countries are also called poor countries. Sometimes they are often called underdeveloped economics. According to the UN criteria, countries with less than $400 level of per capita income countries are designated as low income countries and countries with less than $750 per capita income as called less developed economics. The following are the main characteristics of developing countries:
General Poverty
Developing countries are poor. By definition, GDP and Per Capita Income are at low level. General living standard of people in these countries is very slow. Poverty is visibly disturbing every aspect of life. General health services for people is insignificant. The life expectancy at birth does not exceeds 60 years.
High Dependence on Agriculture
Agriculture is the main occupation in developing countries. More than 70 percent of active labor force is engaged in this primary sector. Population increases and the increased labor stick to agriculture thereby over burdening the firm size. There is low output per head.
Underutilized Natural Resources
Most of the developing countries are rich in natural resources. However, their exploration and exploitation is limited. Sometimes, foreign companies control them. Generally, raw products are exported at low prices.
Lack of Industries and Enterprises
Characteristics of Developing Countries
The industrial sector in developing countries is at the primary stage of development. Its contribution to GDP is less than 10% employing 2 to 4% of the labor force. Industrial growth is very slow.
Lack of Capital and Technology
Capital deficiency is another common problem of developing countries. Because the countries are poor, they save less which results in low capital formation. They possess less investment capital. In addition their existing technology is old and unproductive.
Lack of Basic Infrastructures
The factors that help for development are called infrastructures. Good road system, highways, telephone, services, big dams and canals, banks and financial services are some examples of the necessary infrastructures.
General Poverty
Developing countries are poor. By definition, GDP and Per Capita Income are at low level. General living standard of people in these countries is very slow. Poverty is visibly disturbing every aspect of life. General health services for people is insignificant. The life expectancy at birth does not exceeds 60 years.
High Dependence on Agriculture
Agriculture is the main occupation in developing countries. More than 70 percent of active labor force is engaged in this primary sector. Population increases and the increased labor stick to agriculture thereby over burdening the firm size. There is low output per head.
Underutilized Natural Resources
Most of the developing countries are rich in natural resources. However, their exploration and exploitation is limited. Sometimes, foreign companies control them. Generally, raw products are exported at low prices.
Lack of Industries and Enterprises
Characteristics of Developing Countries
The industrial sector in developing countries is at the primary stage of development. Its contribution to GDP is less than 10% employing 2 to 4% of the labor force. Industrial growth is very slow.
Lack of Capital and Technology
Capital deficiency is another common problem of developing countries. Because the countries are poor, they save less which results in low capital formation. They possess less investment capital. In addition their existing technology is old and unproductive.
Lack of Basic Infrastructures
The factors that help for development are called infrastructures. Good road system, highways, telephone, services, big dams and canals, banks and financial services are some examples of the necessary infrastructures.
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