Taking the above into account, one will not hesitate to conclude that developing countries are largely by-pass by prosperity and progress, and more so, today’s global economic system has proven to be in favor of the rich people and rich countries rather than their poor counterparties as evident by life expectancy, unconscionable mortality rate that is almost 7 times greater than the infant mortality rate in the wealthiest countries(7), diseases, levels of nutrition and the collapse of the educational sector. Categorically speaking, the above portrays ramifications that developing countries suffer in an unprecedented sense due to poverty and underdevelopment. The African Development Report 2012 captures the developing countries scenario more vividly, when it stipulates that:
Although headcount poverty rates have decreased, Africa is still a poor continent and rapid economic growth has not reduced inequality. Hunger remains widespread on the continent, especially in sub-Saharan Africa, while access to energy is inadequate. Environmental and socioeconomic changes present further challenges for Africa….e. g. climate change.
The above picture is not only about Africa, but also depicts the state of affairs in other parts of the developing world. The question then perturbing our minds is what should be the disposition of the international community over developing countries? Part of the problems of developing countries
today is the after-effect of globalization, from its first wave to its present third wave. It is often argued, that globalization has brought immense benefits for developing nations, however the argument is ture in some quarters; it has brought about more devastating effects to developing countries than benefits, especially the poor within those nationsâ¶.These existing adverse effects have often been done in many studies. It is observed that one major disadvantage of globalization is the risks of marginalization of weaker countries.
And in many studies conducted to examine the impact of globalization on economic growth of nations, the results have been somewhat indistinct. However, there is now almost unanimous agreement that developing nations especially Africa has been badly hit by the process of globalization. Even with its supposed benefits, the process has had significant impacts in many ways on all countries of the world. But the developing world is affected by globalization more politically than economically (trade, production of goods and services) in employment palacio en peking , china of labor and other inputs into the production process, investment(both in fiscal and in human capital), information technology and many other areas. For instance, the financial crisis in America and Europe has had great precipitation- effect on the developing world. The Least Developed Countries’ (LDC) Report 2012 observed that, ’the uncertain global economic recovery and the worsening Euro zone crisis continue to undermine those factors that enabled the LDCs as a group to attain higher growth rates between 2002 and 2008. Despite seeing real gross domestic product (GDP) grow slightly faster in 2010, the group as a whole performed less favorably in 2011, signaling challenges ahead’. It further states that with the world’s attention focused on Europe, there is a danger that the international community may lose sight of the fact that in recent years, LDCs have been most affected by financial crises caused by other countries.