Factors Affecting The Rate Of Development In Developing Countries

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Development is a specified state of growth and advancement that involves an improvement in the quality of life as perceived by the people undergoing change. The central focus of any development in a country should be the reduction of absolute poverty. The nature of development is categorized into developed countries and developing countries. Developed countries, also known as More Economically Developed Countries (MEDCs) are countries that have post-industrial economies meaning that the service sector provides more income compared to industrial sector. In contrast, developing countries also known as Less Economically Developed Countries (LEDCs) are often agricultural countries which are in the process of industrialization and seek to become more advanced in regards of economically as well as socially. Factors affecting the rate of development in a country can be classified into internal and external. Internal factors are include the amount of natural resources in a country, political instability, population growth as well as environmental degradation. On the other hand, external factors that affect the rate of development is the legacy of history, debt burdens, trade imbalances, power of transnational corporations and militarisation. One of the major factors that influence the rate of development is the amount of natural resources they have. Some countries are able to derive considerable wealth from the exploitation of natural resources. These nations include

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