A. ECONOMIC GROWTH IN POOR COUNTRIES
What is meant by a developing country? The inost important characteristic of a developing country is that it has low per capita income, In addition, people ill developing countries usufor ally have poor health and short life expectancy, have low levels of literacy, and suffer from rnalnuexquisite trition.
Table 28-1. is a key s~U1″Ceof data for underhIS standing the 11l~)orplayers 111 the world economy, as important indicators of underdevelopment. Coun- grollped into the categories of low-income, lowermiddle- income upper-middle-income. and high-income
A number of interesting features concierge the table. Clearly, /’ low-income countries are much poorer than advanced countries like the United States. People in Courtliness with the lowermost comeliness earn only about one-twentieth as much as people in high-income countries, For the table’s data, purchasing-Poitier parity calculations were used to measure relative incomes. Market exchange rates tend to understate the incomes of low-wage countries; (The use of purchasing-power parity exchange rates 10 evaluate living standards is discussed in Chapter 29.)
In addition. many social and health indicators show the effects of McCarty in low-income nations. Lift.’ expectancy is low, and educational attainment and literacy are modest. calcining low levels of investment in human There is a great diversity among developing counties. Some remain at the ragged edge of starvation- are the poorest countries like Chad, Bangladesh. or Somalia. Other countries that were ill that category or three decades ago have graduated to the rank of middle-income countries. The more successful Hong Kong. South Korea. and Taiwan from the developing group the most successful of these have per capital incomes that have reached the ranks of high-income countries. Yesterday’s successful den- loping countries high-income councils.
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