Paper Example on Developing Nations: Challenges and Characteristics

Developing countries, also known as the third world countries, are economically underdeveloped countries. These countries face a lot of challenges financially unlike the developed countries do on a full scale. The essential characteristics associated with the developing countries are; poverty, infant mortality rate, high birth rate, diseases, overpopulation, unstable economic growth, poor infrastructure, unstable government, lack of education and poor health care. The primary focus of this paper is to explore the obstacles faced by the developing countries and how the third world countries might overcome these challenges.

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Poverty

One of the main obstacles facing the developing country is poverty. A country cannot develop because it is weak and this will lead the country to remain underdeveloped. Development needs finances to achieve the strategies laid down by the state to improve its economy. Poverty result due to low capita income which leads to; little saving, slow economic growth hinders productivity and keep the income low. These problems which result by poverty prevent the introduction of new machinery and the construction of good infrastructure due to lack of capital. Debt can be overcome if a country takes significant steps to invest more, develop skills and to eradicate population growth. Equity can be increased by increasing the productivity of the peasants (Weder, 2003).

High Population Growth

Rapid population growth leads to more problems in a country such as the low formation of capital. The small money accumulated is used to spread facilities and to deliver services to a large population without the rise of per capita productivity. As a result of the Large population, there are scarce resources like land and other facilities. Unemployment is one of the more significant problems caused by high society, many people move from the rural area in search of jobs in the urban areas adding up to the number of unemployed in the cities. The introduction of family planning can curb high population growth. The government can offer free education to the people and free family planning services.

Poor Technological Advancement

Underdeveloped countries always find it challenging to adapt the western technology. This is because those technologies require massive capital investment, but the third world countries have a lower capital investment. The technology is also difficult to adopt since these countries lack entrepreneurs to invest in them ad skilled workforce who can competently work with them. To eradicate this problem, the countries need standard technology to consist of the adaptation of most of the modern methods. The state should realise the capital to adopt these methods which will also solve unemployed since work will be available (Lomborg, 2004).

Limited economic diversification

The third world countries depend majorly on primary commodities leading to lack of exposure to the prices of other products across the globe. This leads imbalance in the economy hence economic instability. As a result, unstable institutions and weak human resources development. To eliminate the limited economic diversification the country should invest some of their capital to countries around the world. By doing so, these countries will get familiar with the prices and economic fluctuation in those countries. Thus, leading to diversification in the economy hence eradicating economic instability.

Conclusion

Third-world countries face a vast number of challenges which in turn undermine their development leaving them to be termed as underdeveloped. Yes, these challenges can be eliminated, and the countries can be developed.

References

Lomborg, B. (2004). Global crises, global solutions. Cambridge university press. Retrieved from

https://books.google.co.ke/books?hl=en&lr=&id=KQ2_zplu8mUC&oi=fnd&pg=PR7&dq=Global+crises,+global+solutions.+&ots=Tj3vTRKH9b&sig=Hm66K4h4NMiZmYbrB11qoDvmsYs&redir_esc=y#v=onepage&q=Global%20crises%2C%20global%20solutions.&f=false

Weder, B. (2003). Obstacles facing smaller business in developing countries. In Pathways Out of

Poverty (pp. 215-225). Springer, Dordrecht. Retrieved from https://link.springer.com/chapter/10.1007/978-94-010-0009-3_10