Less developed countries (LDCs) refer to nations that exhibit lower economic, social, and infrastructural development in comparison to more developed countries. These countries typically have lower living standards, limited access to basic services, inadequate healthcare and education systems, and lower levels of industrialization and technological advancement.
LDCs often face challenges regarding poverty, unemployment, political instability, and an undeveloped or underdeveloped industrial sector. They may heavily rely on agriculture as the primary source of income and employment, with subsistence farming being prevalent. Additionally, LDCs typically struggle with a lack of capital, limited access to credit, and a poorly developed financial sector.
These countries may also encounter difficulties in attracting foreign investments, facing barriers such as political instability, corruption, and inadequate infrastructure. They often have limited access to global markets and may face challenges in international trade due to a lack of competitive industries.
International organizations, such as the United Nations and World Bank, classify and provide assistance to less developed countries based on specific criteria. These criteria may include per capita income, human development index, and economic vulnerability.
Efforts towards the development of less developed countries often involve initiatives to improve infrastructure, healthcare and education systems, agriculture, technology and innovation, and governance and institutional capacity. The aim is to foster sustainable development, reduce poverty, promote economic growth, and improve the overall quality of life in these nations.
