Some third world nations have been in the economic scene for the right reasons. Being tagged for so long as a global burden, kick-starting the economy of these nations towards the bright side is a great deal. Third World nations are countries that are basically less developed than the others and probably has a history of colonization. Sometimes they are crudely referred to as world’s poor countries with wavering or lacking good economic rudiments/policies. Third world nations are necessarily NOT those countries where abject poverty is the order of the day. Even in the richest countries of the world you still find citizens whose living conditions is nothing to write home about.
Third world stereotypes include: non-alignment during the cold war, poverty and underdevelopment, indebtedness, populous and dependence on foreign aid which by the way has lost its taste and functionality in these nations. So depending on a variety of contexts some nations are rated as the third world countries. So we could practically say that if the First World countries are economically stable, developed, wealthy and influential, then third world countries are mostly the direct opposite. Third world countries are generally known to be laggards in the economic world; countries with an imbalance in the flow and management of resources, and lacks equity in wealth distribution.
For the purpose of this article, we view third world nations as countries with a history of imperial exploitation and as a result have been long known for economic upheavals. In that regard, Nigeria and India fall perfectly into the category. China was never colonized by any country but by economy ratings is seen as one of the poorest countries of the world, given that it is the most populous country in the world too. China has one of the most dynamic economies in the world. By virtue of being a member of the soviet union with an initial centralized economy, China is a third world nation. As time keeps evolving, so does the economies of these third world nations and for good that is. China, Nigeria and India in spectacular ways are making visible efforts to economically salvage their respective nations. Without mincing words, there has been unprecedented economic spin in the economy of these nations – China, Nigeria & India. By way of emerging markets, China and India are constituent members of the BRICS economic body – a typical sign of a potential long-term growth in the economy of these nations.
1. Chinese Economy
China is basically known for her place as a renowned world manufacturing country. Owing to the 1978 economic reform China took to the markets and trading; so far the results speak for themselves. Although the nation is legendary for having the most fluctuating economy, it managed and succeeded to be the world’s second largest economy in 2012 and 2014 by nominal GDP. China is a manufacturing and exporting giant with a 2010 GDP of $6 trillion. Lately it is seriously dominating in the smartphone market.
For real, China is one of the fastest growing global economies. Admirably the nation balances her exportation and importation rates, thus acclaimed to have a daunting purchasing power parity. Against all odds, the Chinese economy has persistently and constantly aimed towards outweighing the United States’ economy. Optimist strongly predict that in no time (say 2019) China will become the world’s largest economy.
2. Nigerian Economy
Seems like the third world countries are gradually taking over. It used to be South Africa at the top spot of African economy but all of a sudden Nigeria despite all hurdles and insurgencies, takes the top spot. Nigeria currently is the giant of Africa in both population and economy. During the immediate past Goodluck Jonathan regime, the economy towered like it has not in a very long time. His government empowered the private sector, thereby giving rise to SMEs and by implication raising and making more entrepreneurs to fend for themselves, fill up social gaps and contribute to the nation’s economy as the government mutually supports them through such platforms as the Youwin initiative.
Presently there is a growing trend of supporting start-ups and encouraging more women in business in Nigeria. After China and Qatar, CNN mentions Nigeria as the 3rd fastest growing global economy in 2015. In 2014, Nigeria was the 26th largest economy in the world and in 2015 rose to the 21st position (by nominal GDP). With the numerous natural and human resources, the nation is clearly working on her diverse sources of revenue as well as paying more attention to the industrial sector which at the moment ranks 3rd in the continent. Staunchly in the race of creating a prototype economy, Nigeria attributes her recent boom to the mobile technology/ telecommunications, banking, and its film industry amongst other strategic economic relations. Irrespective of corruption and the global recession in oil price, Nigeria is slowly but surely making her place in the 2020 global economic forces.
3. Indian Economy
By nominal GDP, India is the seventh largest economy in the world. The most lucrative contributing sector to the sky rocketing Indian economy is the agricultural sector, which between 2009-2010, has about 52% of the nation’s workforce. Other contributing sectors include services, IT and a total revolution of the industrial sector – Petroleum products and chemicals, Pharmaceuticals, Engineering, Gems and jewelry, textile and mining, banking and finance. India adopted the market economy like China did, thus increasing her productivity in various sectors.
Presently the nation is stunning the world with her automobile industry, rated as the largest in the world with an annual production of 21.48 million vehicles. With an empowered private sector, there are various healthy means of revenue and profit for India. As she boasts of 51% of entrepreneurs in the workforce especially in the IT sector, the country of countless billionaires is commended for having more start-ups in the system. In a significant degree India’s tourism has been a boost to the economy with a positive 7.70 million international tourist and $19.75 billion in FOREX earnings from tourism in 2014.