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In this chapter we will begin by distinguishing between industrially advanced countries and developing countries. We will look at the differences in incomes and GDP and the impact of poverty on humanity. Developing countries often face large obstacles to growth, so we will investigate these obstacles. Lastly we will discuss the role of government in the developing countries’ economies as well as the role of the industrially advanced economies. | The Economics of Developing Countries Chapter 25W Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we will begin by distinguishing between industrially advanced countries and developing countries. We will look at the differences in incomes and GDP and the impact of poverty on humanity. Developing countries often face large obstacles to growth, so we will investigate these obstacles. Lastly we will discuss the role of government in the developing countries’ economies as well as the role of the industrially advanced economies. Classifications Industrially advanced countries High income nations Well-developed market economies Per capita income $38,745 in 2010 Developing countries Middle income nations Low income nations Wide variation in income per capita LO1 LO1 The World Bank classifies countries into high-income, middle-income, and low-income brackets. The . | The Economics of Developing Countries Chapter 25W Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we will begin by distinguishing between industrially advanced countries and developing countries. We will look at the differences in incomes and GDP and the impact of poverty on humanity. Developing countries often face large obstacles to growth, so we will investigate these obstacles. Lastly we will discuss the role of government in the developing countries’ economies as well as the role of the industrially advanced economies. Classifications Industrially advanced countries High income nations Well-developed market economies Per capita income $38,745 in 2010 Developing countries Middle income nations Low income nations Wide variation in income per capita LO1 LO1 The World Bank classifies countries into high-income, middle-income, and low-income brackets. The high-income nations are referred to as industrially advanced countries (IACs), the middle- and low-income nations are classified as developing countries (DVCs). The middle-income countries averaged a per capita income of $3,723 in 2010, and in the low-income countries, the per capita income averages only $1005 or less. The sub-Saharan African nations dominate the low-income group. Comparisons U.S. GDP $14.6 trillion Combined GDP of DVCs $20 trillion U.S. has 4.5% of population but produces 23.1% of world’s output U.S. per capita GDP is 127 times that of Democratic Republic of the Congo Walmart’s annual revenue is greater than all but 23 nations’ GDP LO1 LO1 In 2010, we can clearly see the gap between an IAC such as the U.S. and the DVCs. The Democratic Republic of the Congo is considered to be one of the world’s poorest nations and has just a small fraction of the GDP of the U.S. The U.S.’s GDP almost matches the combined GDP of all of the DVCs (144 countries in 2010). Even a business such .
