Third World

Collective name for most of the nations of Africa, Asia, Latin America, and the Middle East, many of which share a colonial past and are variously termed as developing, less developed, or least developed countries. They support 75 percent of the world’s population but consume only 20 percent of its resources, and are generally characterized by (1) slow pace of industrialization, (2) low to very low levels of per capita income that is insufficient to generate savings for economic growth, (3) low literacy levels but high rate of population growth, (4) poor health facilities and transport infrastructure, (5) dependence on agricultural and commodity exports as main foreign exchange earners.

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