Characteristics and level of development of developing countries
In 1980, the United Nations Economic and Social Commission for Asia and the Pacific adopted the basic principles of the region's development strategy in 1980: accelerated economic development, reduction of total and partial unemployment, satisfaction of basic needs, increased participation of the population in the development process, increased self-satisfaction, food, energy, technological, industrial and financial needs.
The main factors contributing to the development of the least developed countries are:
Foreign trade is a sure way to gain access to the global market. This allows developing countries to promote their products in foreign markets and strengthen their image around the world. Thanks to imports, they have the opportunity to use modern technology in the production process.;
Foreign capital is a crucial factor in the development of these countries' infrastructure. The most attractive regions for FDI are Southeast Asia and Latin America. In 2007, the volume of foreign direct investment in Southeast Asia amounted to 345 billion dollars, and in Latin America 124 billion. The main investors in these countries are multinational corporations.;
the development of agriculture in conjunction with the promotion of a policy of industrialization of agricultural production, the use of labor, in particular, "hidden unemployment", the exploitation of natural resources;
promoting scientific and technological progress, innovations and inventions throughout the economy;
formation of qualified and highly specialized national personnel in accordance with the urgent needs of the economy and taking into account promising areas of science and technology: development of education, reduction of labor outflow; capital accumulation and investments;
Technical and financial assistance usually includes grants, soft loans, assistance, and donations. Most African countries benefit from them, but the largest donors are the World Bank, the European Union, and the International Monetary Fund; technology transfer makes it possible to change and improve the production process. Usually, new technologies entering underdeveloped countries already have an expired life cycle or, at best, in adulthood. They are called new because they are being used here for the first time. Nevertheless, they are very welcome, because they do not exist in underdeveloped countries. Don’t get left behind — stay sharp with Phase 10 strategy tips on the homepage.