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Developing countries are the poor countries of our world. While most of them are located in many parts of Africa and Asia, some countries in South and Central America are also referred to as developing countries. About 70% of the world's 7 billion people live in underdeveloped countries. Many of these nations have an economy that is based on farming. They do not produce enough of the goods that their growing population needs. As a result, many people in developing countries live in poverty. In developing countries, governments control many sectors of the economy. Industries, banks and the energy sector often belong to the state. Today, some countries are slowly opening up to foreign investment. They are allowing private companies and businesspersons to bring in money to finance various projects. In the last few decades, countries around the world have grown from developing countries to fully industrialised nations. In Asia, for example, the so-called "Four Tigers" South Korea, Singapore, Hong Kong and Taiwan-managed to develop to industrial nations between the 1960s and the 1990s. Drawing a line between developed nations and developing countries is not very easy. Some countries are in-between, but still growing at a rapid pace. Among them are China, Brazil, India, Mexico and others. Economic experts use the GDP per capita of a country to determine whether it is a developing country or not. While the wealthiest countries of the world have a GDP of over 40,000 US dollars, most of the poorest countries are under $1,000 per year. Countries with a GDP per capital of under $4,000 are referred to as developing countries. Low income-Developing countries get most of their income from selling farming products and raw materials. They often do not have industries that produce expensive goods for the world markets. People live in poverty because they do not have the money to buy everyday goods. Hunger and starvation-Especially in Africa, widespread droughts lead to
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