Characteristics of Developing Countries

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Developing countries refer to nations with low human development index, low living standards, and deprived of infrastructure (Borgen, 2016). Their annual capital income lies between 875 dollars to 10725 dollars. Developing nations tend to have the same characteristics. For example, they are exposed to the same health risks by lack of clean water for drinking, good hygiene, and sanitation (Aldelano, 2017). Moreover, these countries are venerable to highly infectious diseases and high cases of road accidents due to poor infrastructure. These nations face various issues due to a lack of improved facilities.
After the second world war, many people thought that developing countries required foreign aid to boost their economic development. The funding was to supplement domestic saving, which would create higher investment leading to growth. In the 1980s, the developing countries had already started to perform better (Aldelano, 2017). They could borrow capital from multinational institutions such as the world bank. This contributed to their high speed of growth and development. Economic development started in Great Britain and has spread to all parts of the world (Borgen, 2016). Economic development was mainly spurred by various technological innovations that lead to improved transport and communication.
Argentina is one of the developing countries in the world. Recently, country economic development has been doing well (Aldelano, 2017). Argentina is recognized as one of the world wealthiest nations. It has vast natural mineral and agricultural resources which it exports to other nations globally. Most of its population is educated, and it has a diversified industrial base. However, in 2015 the country was experiencing economic instability. The financial instability as a result of poor governance. During this time Christina Fernandes de Kircher was the president of the country. His poor management led to a high rate of economic instability (Borgen, 2016). He had introduced protectionism and Peronist policies which contributed to economic stagnation for four years. The economic recession was characterized by weaker commodity prices which turned down the foreign investors (Borgen, 2016). This increased the country’s debt which resulted in low credit services. For instance, the American fund corporations turned down the country requests of lending them development fund.
However, in 2017 the country decided to take a different route and elected another president known as Marci. Marci fought hard to improve the economic development of the country. He took severe steps fo...