Question

What do you mean by a developing economy?

What is meant by a developing economy?

Answer 1

A developing economy exhibits the characteristics of an underdeveloped economy but also shows indicators of progress across all sectors. Such an economy typically has low per capita income but is experiencing growth and development. The agricultural sector’s significance tends to decline, while the industrial sector emerges as the primary sector of the economy. Examples of developing economies include India, Pakistan, Malaysia, and Indonesia.