- While it is easy to group countries as developing and developed, classification can be more specific to properly reflect differences.
- Countries are generally categorized as developed, developing and least developed.
Developing Countries
- Smaller GDP per capita, worse HDI and infrastructure compared to developed countries.
- Lots of improvements have occurred over time, such as education level, infrastructure, investment and trade.
- These countries are beginning to industrialize and make improvements in the quality of life.
Middle-income-oil-exporting developing countries
- Countries that aren't very developed but are very rich due to being able to export oil.
- For example: Saudi Arabia, Qatar, Brunei, Iran, etc.
- For the most part rather small countries, while some larger ones like Saudi Arabia and Iran.
- Huge gaps in living standards and inequality.
- There are a few very rich families while some people are still suffering from poverty.
- Quite a lot of migrant workers, who are often in the weakest position.
Newly Industrialized Countries
- Good transport links and cheap labor.
- Lots of cheap industry makes other countries open up industries there.
- This is generally called "China syndrome", as China is the most prominent example of the scenario.
- They haven't yet reached a developed country's level on development indicators.
Least Developed Countries
- Low GDP and HDI, often agricultural and vulnerable economy.
- Poverty, rapid population growth, poor health care and education, high child mortality and child labor.
- Can be politically unstable which can cause corruption and conflict.
Landlocked Developing Countries]
- Can be called LLDCs (not to be confused with LDCs).
- Developing countries with very unfavorable locations.
- Expensive trading costs, long transportation, customs duties, etc.
- Cannot be a big contributor to global economy due to poor location.
- Somewhat weaker compared to non-landlocked similar countries.