Developing country
Developing country: an imprecise term based as much on economic and social foundations as on political perceptions and aspirations. It is applied to a country that does not consider itself, or is not considered by others, in some or many respects as matching the characteristics of a developed country. Developing-country status remains largely self-declared. No objective standard is avilable to judge whether a country is truly a developing country. Often, developing countries are said to be those countries that are not OECD members. To others, developing-country status equates with membership of the Group of 77. Sometimes, developing countries are referred to collectively as the South since many of them are located in the southern hemisphere. Various attempts have been made to put assessments of developing-country status on a firmer footing. The World Bank, for example, refers to low-income economies and middle-income economies. This is useful, but it leaves out indicators such as schooling, life expectancy, etc. Agreed criteria exist in ECOSOC for the identification of the poorest of developing countries, the so-called least developed countries. See also developing countries and the multilateral trading system, graduation and special and differential treatment.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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