What is a Developing Country Status?

Developing countries do have similar characteristics due to their positions on the globe and their histories. The definition of a developing country is not universally acceptable. There is no apparent agreement on which nations belong to this category. Developing countries are further sub-categorised into least developed countries, small island developing states and landlocked developing countries. The World Bank proclaimed that the categorisation of the countries as developing/developed is becoming less significant, and they will eventually discontinue the use of these labels. “Global South” is an alternative term used for developing countries.

Common Characteristics among Developing Countries

Differences can be clearly visible when we compare developing countries with developed countries. Developing countries have lower access to excellent and uncompromised health sectors. They often have high pollution levels, serious accidents due to road traffic, and usually poor infrastructure. Widespread poverty, low education, high crime rates, corruption, inadequate family planning facilities, and instability in the political segment are other such factors on whose basis the descriptor “developing countries” is given and often seen as the definition of developing country. It should be noted that global warming is impacting more developing countries than developed ones because of the fact that developing countries have more climate vulnerability. 

Foreign governments provide development aid to such countries to ensure economic, social, political, and environmental development. The World Bank categorises the nations on the basis of the economy (Gross National Income) and re-sets the list every year on 1 July. 

1. low-income countries
2. lower-middle-income countries
3. upper-middle-income countries
4. high-income countries. 

Countries with low income are usually the least developed countries. Countries with high income are usually developed countries. As per the Human Development Index, the top ten countries that are most developed are Norway, Ireland, Switzerland, Iceland, Hong Kong, Germany, Sweden, Australia, Netherlands, and Denmark. Albania, Mexico, Thailand, Brazil, China, Fiji, Maldives, Jamaica, India, and Egypt are a few top developing countries. The list of under-developed countries includes Afghanistan, Bangladesh, Cambodia, Burundi, Niger, Chad, Central African Republic, Bhutan, Benin, Angola and others.

Status of South Korea in terms of Overall Development

South Korea has a highly developed and mixed economy. In terms of nominal GDP, it stands at the 4th place in Asia. It stands at the 10th place in the world. The nation is highly notable due to its economic development and emergence as a developed country from an underdeveloped country in a short time. It is still one of the fastest enhancing developed countries. South Korea is included as one of the eleven countries that have a high potential to get a dominant role in the world economy in the coming years. The government of South Korea has elected not to take special treatment and assistance as a developing nation at the World Trade Organisation.

Conclusion

Most developing countries were in extreme need of quality infrastructure and industry simulation after their independence in the 20th century. Many of these countries are dependent on foreign aid and investment. Due to such funding, developing countries witnessed an improvement in infrastructure and governance. Companies from developed countries took advantage of the developing countries by offering them raw materials at a certain price and using these countries’ cheap labour. This is termed systematic exploitation. Developing countries are assisting development in already wealthy countries rather than making themselves developed.