An economic situation characterised by absolute poverty, low per capita incomes, low rates of economic growth, low consumption levels, poor health services, high death rates, high birth rates and vulnerability to and dependence on foreign economies.
Unorganised money market
The informal credit system that exists in most developing countries (especially in rural areas) where those on low income and little collateral are forced to borrow from money lenders at very high rates of interest.
An increasing concentration of the population in cities and a transformation of land use to an urban pattern of organisation.
Vested interest groups
Are groups that have acquired rights or powers in any sphere of activities within a nation or in international affairs. Examples of powerful vested interest groups in developing countries include landlords, political elites and wealthy private local and foreign investors.