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Political instability: coups, civil wars and borders disputes experienced in the third world hinder the development of both agriculture and industry hence slowing economic development
Colonial and neocolonialism legacies: third world countries lack economic independence due to neocolonialism. Their economic resources are controlled and exploited by developed countries through multinational corporations and international trade
High population growth: third world countries are faced by high population growth rate due to improved medical and health services leading to massive expenditure on food importation
Natural calamities: third world countries have been subjected to epidemic catastrophes. This has led to huge amounts of resources being spent on controlling diseases at the expense of industrial investments
Dana05 answered the question on June 14, 2019 at 11:59
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