What is meant by a developing economy?give examples please....?

Question

m a student highly in need of yr help...

Answer 1

Its is MYTH created by poor countries.There is only two thing one a devloped economy and other Underdeveloped economy.

No such thinf as developing economy

Answer 2

Completely disagree with the previous answer..

It's like saying USA, Europe, which are developed countries, never had to work hard to reach their current state.. From very poor country (middle ages), and BAMM!! ABRAKADABRA, completely turning into a well, rich, developed country..

There are some stages that you have to deal with, in order to reach the developed state, and its called developing...

A developing country is a country which has an undeveloped or developing industrial base, and an inconsistent varying Human Development Index (HDI) score and per capita income, but is in a phase of economic development.

In simple terms, a developing economy characterized by their middle income, usually measured by GDP per capita, the technology they used is intermediate, rate of literacy is in the middle (still has some people who can't read at all), etc.

For example, USA and European countries is a developed economy, because they have strong industrial base, have advance technology, whether in financial or goods market and their income is very high.. However, the growth rate of economy (GDP) in developed countries is low, usually only 1-2% in a calendar year..

Asian countries such as Malaysia, China, India, Indonesia, etc., are examples of developing economy.. Even though they still have middle income, and other characters that i had mention before, they have growth rate of GDP more than developed countries (avg. 6-10%), because they still have resources that they haven't used, the technological progress is still high, and they still improving the rate of literacy, hence, developing..

Japan and South Korea are the exceptions for Asian countries, because they already reach that developed state..

Some countries in African continent considered as very poor countries..