What are three of the major problems that least developed nations face?
Developing economies are these economies which have not reach
mass consumption stage of growth. such economies includes; African
countries like Uganda, Chad,Ivory coast , South American countries
like Valenzuela, Honduras and Chile in Asian, countries like
Vietnam, Yemen, Afghanistan, Syria,and Palestine.
these developing economies are characterize by;low industrial
development, dominants of subsistence production,use of indigenous
tools like hand hoes for framing, existences of strong cultural
ties and believes and the presents of high population growth
rates.
therefore, developing economies are faced with the following
problems as discuss below;
first, developing economies have very poor economic policy such
as policies to control inflation and unemployment. for instances,
in Uganda money is printed when the government wants t use the
money in fulfilling her needs, this was true during Amins time
whereas, at the present there is no policies being implemented by
the government to control unemployment in the country, this
therefore leaves the country's resources under utilized.
secondly, the poor education systems within the developing
economies leaves the developing countries in great deal of
problems. for instances, in Uganda and Kenya still follows the
British old system of education which is not even used in Britain
yet these kind of educational system teachers students and
university leavers more theories than practical lesson that could
help to cause development within the country. example, most
engineers of Uganda are more theoretical knowledge of handling
construction works and mechanic because the system of education
trains them to be job seekers and not job makers that would help to
create more employment for the people so as to make the acquire he
basic needs of live.
thirdly, the poor political climate in the less developing
economies keeps this countries in problems such has low production,
high inflation rates, unemployment and poverty. this is because
most of the government officials are corrupt and the existences of
coups and civil wars leaves the country in poor stage of economic
growth and development. for example, in Zimbabwe 2009 there was a
very high inflation within the country,disease know has cholera
stack the country and killed almost 2000 people. this was because
of the poor governance within the country
other problems includes;poverty, unemployment, poor
technology/production methods used by the developing economies,
high illiteracy rates, high population growth rates thus increasing
the dependency rates within families, damping by the developed
economics which kills the initiative to develop and expand local
industries within the developing economies, high rates of profit
repartriation by foreign investors within the developin
economies,dependency on the developed world, high level of deficit
financing by the developing economies which worsten their balances
of payment postion, and poor terms of trade in the world market
since most developing economies produces raw materials instate of
finished products which earns a value added