Least Developed Countries

Least Developed Countries (LDCs or Fourth World countries) are countries which according to the United Nations exhibit the lowest indicators of socioeconomic development, with the lowest Human Development Index ratings of all countries in the world. A country is classified as a Least Developed Country if it meets three criteria based on:

low-income (three-year average GNI per capita of less than US $750, which must exceed $900 to leave the list)
human resource weakness (based on indicators of nutrition, health, education and adult literacy) and
economic vulnerability (based on instability of agricultural production, instability of exports of goods and services, economic importance of non-traditional activities, merchandise export concentration, and handicap of economic smallness, and the percentage of population displaced by natural disasters)

Countries may "graduate" out of the LDC classification when indicators exceed these criteria. The United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States coordinates UN support and provides advocacy services for Least Developed Countries.

The classification currently applies to around 49 countries (as of June 14, 2007).

In 2007, the United Nations graduated Cape Verde from the category of Least Developed Countries. This is only the second time it has happened to a country. The first country to graduate from LDC status was Botswana in 1994. Samoa may become the third country to graduate in this manner , with a decision on this issue scheduled for 2008.

Current LDCs

Africa (33 Countries)

America (1 Country)

Haiti

Asia (10 Countries)

Oceania (5 Countries)

source : http://en.wikipedia.org/wiki/Least_Developed_Countries

Developing country

A developing country is that country which has relatively low standard of living, an undeveloped industrial base, and a moderate to low Human Development Index (HDI) score and per capita income, but is in a phase of economic development. Usually all countries which are neither a developed country nor a failed state are classified as developing countries.

Countries with more advanced economies than other developing nations, but which have not yet fully demonstrated the signs of a developed country, are grouped under the term newly industrialized countries. Other developing countries which have maintained sustained economic growth over the years and exhibit good economic potential are termed as emerging markets. The application of the term developing country to any country which is not developed is inappropriate because a number of poor countries have experienced prolonged periods of economic decline. Such countries are classified as either least developed countries or failed states.

Development entails a modern infrastructure (both physical and institutional), and a move away from low value added sectors such as agriculture and natural resource extraction. Developed countries, in comparison, usually have economic systems based on continuous, self-sustaining economic growth in the tertiary and quaternary sectors and high standards of living.

List of developing countries

The following are developing countries, including the Newly industrialized countries, that are not listed as developed or least developed countries.

Africa

North America

Antigua and Barbuda
Bahamas
Barbados
Belize
Costa Rica (also commonly taken as an emerging market.)
Cuba
Dominica
Dominican Republic
El Salvador
Grenada
Guatemala
Honduras
Jamaica
Mexico
Nicaragua
Panama (also commonly taken as an emerging market.)
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Trinidad and Tobago

South America

Asia

Europe

Oceania

source : http://en.wikipedia.org/wiki/Developing_country

Developed country

The term developed country, or advanced country, is used to categorize countries with developed economies in which the tertiary and quaternary sectors of industry dominate.

This level of economic development usually translates into a high income per capita and a high Human Development Index (HDI). Countries with high gross domestic product (GDP) per capita often fit the above description of a developed economy. However, anomalies exist when determining "developed" status by the factor GDP per capita alone.

developed country list

• Andorra	• Faroe Islands	• Ireland	• Monaco	• Spain
• Australia	• Finland	• Israel	• Netherlands	• Sweden
• Austria	• France	• Italy	• New Zealand	• Switzerland
• Belgium	• Germany	• Japan	• Norway	• Turkey
• Bermuda	• Greece	• Liechtenstein	• Portugal	• United Kingdom
• Canada	• Holy See	• Luxembourg	• San Marino	• United States
• Denmark	• Iceland	• Malta	• South Africa

source : http://en.wikipedia.org/wiki/Developed_country

Sectors of the Economy

Primary, Secondary, Tertiary, Quaternary, and Quinary

A nation’s economy can be divided into various sectors to define the proportion of the population engaged in the activity sector. This categorization is seen as a continuum of distance from the natural environment. The continuum starts with the primary sector, which concerns itself with the utilization of raw materials from the earth such as agriculture and mining. From there, the distance from the raw materials of the earth increases.

Primary Sector

The primary sector of the economy extracts or harvests products from the earth. The primary sector includes the production of raw material and basic foods. Activities associated with the primary sector include agriculture (both subsistence and commercial), mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying. The packaging and processing of the raw material associated with this sector is also considered to be part of this sector.

In developed and developing countries, a decreasing proportion of workers are involved in the primary sector. About 3% of the U.S. labor force is engaged in primary sector activity today, while more than two-thirds of the labor force were primary sector workers in the mid-nineteenth century. for further : http://en.wikipedia.org/wiki/Primary_industry

Secondary Sector

The secondary sector of the economy manufactures finished goods. All of manufacturing, processing, and construction lies within the secondary sector. Activities associated with the secondary sector include metal working and smelting, automobile production, textile production, chemical and engineering industries, aerospace manufacturing, energy utilities, engineering, breweries and bottlers, construction, and shipbuilding. for further : http://en.wikipedia.org/wiki/Secondary_industry

Tertiary Sector

The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theater, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.

In most developed and developing countries, a growing proportion of workers are devoted to the tertiary sector. In the U.S., more than 80% of the labor force are tertiary workers. for further : http://en.wikipedia.org/wiki/Tertiary_sector_of_industry

Quaternary Sector

The quaternary sector of the economy consists of intellectual activities. Activities associated with this sector include government, culture, libraries, scientific research, education, and information technology. for further : http://en.wikipedia.org/wiki/Quaternary_sector_of_industry

Quinary Sector

Some consider there to be a branch of the quaternary sector called the quinary sector, which includes the highest levels of decision making in a society or economy. This sector would include the top executives or officials in such fields as government, science, universities, nonprofit, healthcare, culture, and the media.

An Australian source relates that the quinary sector in Australia refers to domestic activities such as those performed by stay-at-home parents or homemakers. These activities are typically not measured by monetary amounts but it is important to recognize these activities in contribution to the economy. for further : http://en.wikipedia.org/wiki/Quinary_Sector

source : http://geography.about.com/od/urbaneconomicgeography/a/sectorseconomy.htm

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Tuesday 5 February 2008

Economic Geography