Economics of Developing Countries

[Writer's Name]

[Name of the Institute]

Economies of Developing Countries

Introduction

The world is divided in to three different types of countries which include the developed countries, developing countries and underdeveloped countries. The countries which are rich and have all the resources which can help their industries in growing are known as developed countries. Those countries which are non-industrialized and are trying to make their position in the world by developing its resources are known as developing countries. Other than this, there are some countries which do not have resources and are completely dependent on developed and developing countries for their resources, and are known as underdeveloped countries.

The developing countries are considered as an important part of the world's economy, as these countries play role in improving the world's economy. These countries have to face different challenges which include economic challenges, financial challenges, resource challenges, government challenges and political challenges. It is necessary that the government of the developing countries focus on these challenges and find out different ways to cope up with it. The uneven distribution of wealth and resources has differentiated and divided the countries in to developed, developing and underdeveloped countries. With the developing world, many countries are able to match up and take part in the global activities, while some countries are still lacking behind and need to focus on it.

The economies of the developing countries are affected in different ways, and it is necessary that policies are made by the government of such counties. The policies can help the developing countries in improving their economy and in making their position in the world. The developing countries share same characteristics which include low income, poor health, inadequate health services, low labor productivity and lack of resources. Many developing countries are taking advantage of globalization, and as a result they are growing, expanding and developing.

The economic condition of every developing country is not the same; it is different as they are using their resources and capabilities in different ways. It is necessary that the government and regulatory bodies of the countries focus on their economic conditions and make their policies accordingly. These policies will help the government in regulating and controlling the behavior of different organizations. Meeting the standards of the world's economic rules and global standards is necessary, but first it is necessary that organizations follow the policies made by their government and regulatory bodies (Levut, 2006).

Discussion

The developing countries are considered as an important part of the world which contributes in improving the economy of the world. There are many countries which fall in the category of developing countries. There are different economic factors which help in deciding that whether the country is developed or it is developing. These economic factors include capital, natural resources, labor, technology and markets. These factors are directly related to the economy of the country and helps in considering that whether the industrial sector of the country can grow or not.

The developing countries and their economy are dependent on ...