The world was categorized into 3 parts after the World War II. Western Europe, the USA, and their allies are included in the First World nations; Second World nations include those in Soviet Communist Bloc, Cuba, China, and their allies. While all those nations which are not in direct alignment with any of these 2 are included in the list of Third World nations. The countries included in this final division are usually defined as those where the standard of living is low and corruption, poverty, and inefficiencies are high as opposed to those countries in the First and Second World countries. All this is discriminating the nations on basis of their economic conditions.
In the political world, nations have been categorized into 2 divisions, developing economies and developed economies. The terminology developing is demonstrating those nations which are in process of progress. We are writing this post after reading the researched post by Insider Monkey related to 5 Fastest Growing Developing Countries. They have shared that:
“Even though the term developing economies has been coined to show progress being made by these countries, many people consider it to be a discriminatory term and prefer not to use it, as they believe it shows an ‘us versus them’ mentality which is not helpful to anyone. Many have also bemoaned the fact that using the term developing country means that the country should be growing in terms of Western ideals rather than their own, which some countries such as Bhutan and Cuba refuse to follow.”
Now, without delaying any further, we are going to share the list of 5 Fastest-Growing Developing Countries. The first company on this list is Guyana. This is located in the region of South America and the dependence of the economy is on gold and bauxite mining, sugar industry, minerals, oil, and agriculture that is accounting for around 28% of the overall earnings through export. The growth rate of Guyana on average in the last 10 years is 6%. The next company that we have on the list of Fastest-Growing Developing Nations is Ghana. The economy of Ghana is highly diverse in nature that includes digital technology, ship construction, automotive constructions, and other natural resources. The growth rate of Ghana on average during the last 10 years is 6.02%.
We have many other developing countries on our list and if you are interested in reading other countries that we have listed, then simply head to the post shared by Insider Monkey about 15 Fastest Growing Developing Countries in 2020.