developing country

developing country
A country of modest economic standing. The economies of developing countries tend to be dominated by agricultural sectors and the supply of *raw materials, and are therefore vulnerable to fluctuations in *commodity *prices. Alternative terms for developing country include less developed country (LDC), *Third World country, and (collectively) the *South. There are many international institutions that work to assist the economic progress of developing countries. Examples include the *African Development Bank Group, *Asian Development Bank, the International Development Association of the *World Bank, and several other agencies of the *United Nations. Contrast *developed country.

Auditor's dictionary. 2014.

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