Countries at Very Low Levels of Economic Development Face Such Huge Challenges That They Cannot Hope to Address Them Without Assistance from the Rest of the World’. to What Extent Do You Agree with This View?

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‘Countries at very low levels of economic development face such huge challenges that they cannot hope to address them without assistance from the rest of the world’. To what extent do you agree with this view?

Gross Domestic Product (GDP), which is the total value of goods and services produced by a country in a year, along with Gross National Product (GNP). This measures the total economic output of a country. These are two major indicators that help gauge a countries economic development. Several countries around the world have GDP’s less than $750, accompanied by populations earning roughly $1 a day. Life expectancies can also be as low as 40 years old in such areas. Poor levels of health care, literacy rates and schooling do not help an already disastrous cause, income too small to accommodate basic needs and resources, exemplify these issues. These are often defining signs of low developing countries (LDC’S). Within the 50 countries worldwide recognized as LDC’s a staggering 33 of these countries are situated in Africa, with 374 million Africans earning and having to live off $2 each day.

LDC’s will continue to struggle economically due to factors that withdraw them from making development advances. Over the last 5 years Niger has accumulated roughly $965.5 Million in external debt. This is borrowing money from countries, IMF, World Bank and other multilateral agencies. This debt of Niger and other LDC’s has been amplified by factors beyond their control. Uncertainty in domestic production, violation in international price and exchange rates along with deteriorating terms of trade, which further increase LDC’s debt-burden. Continued external debt also aggravates the poverty trap of LDC’s. This affects the long-term productivity of their economies and abilities to relieve themselves of the debt. This solidifies the notion of LDC’s face such huge…...

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