Normally least developed countries are a term that is used basically to refer to countries that are historically exhibiting one of the low indicators when it comes to the countries performance in the social-economic development. Additionally, this type of countries also has the lowest record when referring to the ratings of human development of all the countries that are existing in the world. Historically, This idea of coming up with least developed countries has evolved since it was founded in nineteen sixty, actually when it comes to the first groups that existed in the beginning, all the research and the listing were carried out by the united nation in its one of its growth initiative resolution twenty-seven sixty-eight .this initiative which was focused on growth rate of different countries took place in nineteen seventy-one (Srinivasan, 2009).
In coming out with the least developed countries, they used different criteria like poverty rate, in this case they used criteria like finding out the general net income per capita which was actively analyzed for three consecutive years, during this process a certain amount of limit is regulated, referring to the one for two thousand and fifteen, they put a standardized general net income of one hundred and thirty-five US dollar to be part of the list. Additionally, the human resource is also a major criterion to be used in the analysis; where they do the analysis through the use of health nutrition and education, not forgetting the literacy rate in the adult. The last criteria that the united nation used was through the use of economic vulnerability, focusing on this, they analyzed production rate in agriculture, instability when it comes to export of goods and services and the ratio of a population that is affected by disasters. In the result, the united nation concluded that Zimbabwe, Ghana, and Guinea, though this country refused the outcome of the result by having to question the accuracy involved in it.
In reference to the developed countries, two major factors must be highly recognized, that is a country being industrialized and having the possession of some economic development in it. Basically, developed country can also be recognized as a sovereign government that is experienced better technological infrastructure and a better performing economy. When it comes to rating a specific country to be a developed state, some of the essential criteria must be taken into consideration; basically, the level of economic development should be looked into through recognizing the gross domestic product.
Additionally, the gross domestic product is also playing a bigger role as criteria , gross net profit should also be considered in relation to the level of infrastructural development, the level and general living standards of the individual in that specific country. When doing the analysis and the classification, the criteria to be used can be at times categorized as being developed or a subject that needs debating. In developed countries the service sector is in the upper hand of bringing a lot of income to the economy than the industrial sector, this is also referred to as post-industrial economies. Referring to the report which was the outcome of the analysis in two thousand and fifteen, the following were listed, France, Italy, Germany, Japan, United Kingdom, South Korea and Australia (Glewwe, 2013).
Newly Industrialized Countries
In reference to the newly industrialized country, much is focused in the social economic categorization, where much is centralized in the description of economist and political scientist. Majorly, these countries have evolved from the agricultural sector economy, and much has been embraced on its development towards more urban and industrialized economy: in other terms, they are also referred to us advanced developing countries or newly industrializing economies. Some of the countries that fall under this list include South Africa, Singapore, Korea Hong Kong and Taiwan (Bozyk, 2012).
Global dynamic shared
The dynamic that is shared among least developed countries, developed countries and newly industrialized countries involve. Globally, some of the dynamic shared by the developed countries, least developed countries, and newly industrialized countries involve the persistent economic growth that is recorded in their economy, at least even in the least developed countries like Guinea, there is progressive growth that is being experienced annually, in their economic growth. Not forgetting the tough challenges that are the great hindrance to development such as corruption, globally, in this countries corruption is being experienced in all these types of economy, that is, its the same problem being experienced in developed countries, least developed countries and in the newly industrialized countries.
In all the three type of the economy, that is the developed countries, least developed countries, and new industrialization countries, gross domestic products; human development index and industrialization are basically defined by the United States, international monetary funds, and the world trade organization. In the global perspective, countries that are falling under the three types of the economy are of recently facing some of the serious challenges such as terror attack and other forms of discrimination, this has been realized in all the forms of economic system. Lastly, in most the economies, the countries that are existing in them have one unique factor that is promoting their economic growth, they are experiencing export and imports in order to drive and stabilize their economy.
South Africa being recognized to be one the country in Africa which is recognized to be one of the newly industrialized countries, it is accounting for the twenty-four percent of the Africa gross domestic product. Since the year nineteen ninety-six, the south Africa gross domestic product has been seriously growing as if it's tripling, its foreign reserve has also been increasing at a serious rate. This in return has created an economy with largely growing middle class. Historically, the major contribution to South Africa growing into a newly industrialized country is the change from the apartheid type of ruler ship to the democratic type of leadership (Bozyk, 2012). The discovery of great minerals such as gold and the great diamond of South Africa has brought much growth into the economy of south Africa with other economic activities such as vehicle manufacturing, textile, energy, telecommunication, assembly processing, and food processing; with all the diversification in the economic income of the country, south Africa has been able to join the newly industrialized countries.
How South Africa has been affected by globalization.
Basically, globalization when referring to a culture perspective is the general process through which the experience of daily life is affected by different diffusing factors such as ideas and traditions; furthermore, it involves, cross-border policies, the transmission of knowledge and the political and social control. South Africa as one of the country in Africa which is enriched by different resources, has been seriously affected by globalization. Through globalization the living standards of individuals in south Africa has seriously increased, this has been successful through the changing structure of global economy which has created much influence on how macroeconomic policies of south Africa is operating,; the policies has impacted positively the trade market, improved research and academic performance, national policies and the international monetary fund. Additionally, globalization gained prominence in the South Africa economy, this lead to the country deciding to integrate its economy with the general world economy (Hentz, 2005). This has led to increased gross domestic product and the total gross profit. Lastly, globalization has made different manufacturers in South Africa to access the wider market hence promoting trade and improving the living standards of the existing individuals.
Challenges South Africa facing
Some of the challenges south Africa are facing is the experience of poor leadership and management, basically in the recent past, south Africa has faced a serious challenge when it comes to leadership, some of the south African leaders have been embezzling funds and mismanaging governance , this has lead to raising in the corruption problems in the general government. Corruption has been undermining state legitimacy and a poor service delivery. Additionally, South Africa growth line is more of resource intensive; this is making it so difficult for the growth to be effectively sustained. Lastly, South Africa has proved in the past years, to be a society which is full of division (Wilfred, 2014). A country which is full of division like South Africa faces a lot of challenges, such as favoritism, corruption, social discrimination; this at one point is not creating a favorable environment, which is able to allow efficient investment to take place. Peace and unity are the pillars of the development and making south Africa a better country in Africa.
Bozyk, D. P. (2012). Globalization and the Transformation of Foreign Economic Policy. Ashgate Publishing, Ltd.
Hentz, J. J. (2005). South Africa and the Logic of Regional Cooperation. Indiana University Press.
Glewwe, P. (2013). Education Policy in Developing Countries. University of Chicago Press.
Srinivasan, T. N. (2009). Trade, Growth and Poverty Reduction: Least-developed Countries, Landlocked Developing Countries and Small States in the Global Economic System. Commonwealth Secretariat.
Wilfred, L., Marekwa. (2014). Challenges and Issues facing the Education System in South Africa. Africa Institute of South Africa.
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