Understanding the cost and benefits of a developing economy

Abstract

The characterization of certain economies as “developing” attracts immense benefits, and of course, unimaginable costs at the discussion table of the World Trade Organization (WTO). Far too long, developing countries have suffered from decades of socio-political and economic backwardness leading to poverty, inequality, environmental degradation, short life span, and unsustainable individual disposable income. All these development-inhibiting factors have given about 1109 (2/3*164) WTO Members an economic label called “developing,” and increasingly, creates the wealth gap between the developing countries, and the developed nations. Coincidentally, this sadly agrees with the OECD findings that top 0.6% of world population or the 42 million richest people in the world held 39.3% of the world wealth. To ease some the economic burdens, developing countries needed a “rescue operation” in form of the WTO special provision.