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Lesser Developed Countries (LDCs)

Definition

LDCs are countries with low levels of economic development characterized by low income per capita, high poverty rates, low human development index (HDI), high dependency on agriculture, poor infrastructure etc.

Analogy

Imagine a classroom where some students have all the latest gadgets for learning - laptops, tablets etc., while others only have basic pen and paper. The ones with just pen and paper can be compared to LDCs - they lack resources but still strive to develop.

Related terms

Developing Country: A nation seeking to advance its economic growth; often used interchangeably with LDCs but not all developing countries fall under the category of LDCs.

Gross Domestic Product (GDP): The total value of goods produced and services provided in a country during one year; often used as an indicator for comparing economic performance between countries including LDCs.

Human Development Index (HDI): A statistical tool used to measure a country's overall achievement in its social and economic dimensions; used to categorize countries as developed, developing or LDCs.