LDCs - least developed countries

• around 50 countries

• very low incomes

• poor health

• low education

• economic instability

• heavily in debt to richer countries

• mainly located in Africa, a few in Asia and Oceania + Haiti

LICs - low income countries

• started to develop their economies

• increasing GDP and calorie intake per day

• decreasing birth + death rates

• e.g., Namibia, Egypt

NICs - newly industrialised countries

• rapidly growing economies (in-between LICs + HICs)

• recent move from a mostly agricultural economy to one involving manufacturing and exporting

• e.g., BRICS

HICs - high income countries

• highly developed economies

• high calorie intakes and GDP

• birth + death rates low (ageing populations very common)

OECD - Organisation for Economic Cooperation and Development

• 34 of the richest and most powerful countries

• aim to provide solutions to economic, social and environmental issues

• e.g., Sweden, Australia, USA

G8 - group 8

• formed 1997

• most rich and powerful

• USA, UK, Canada, France, Russia, Germany, Italy, Japan

G8+5

• formed 2005

• was created to include China, India, Brazil, Mexico and South America

• attempt to create deeper international cooperation and an understanding of climate change and international trade

• The Group of Eight + Five (G8+5) was an international group that consisted of the leaders of the heads of government from the G8 nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States), plus the heads of government of the five leading emerging economies (Brazil, China, India, Mexico, and South Africa). In March 2014, Russia was cast out of the Group of 8 due to its conflict with Ukraine, so the G8+5 in its original form is unlikely to reconvene with Russia present.

G20

• Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA, and EU.

• formed 26 September 1999

• The G20 brings together the world's major economies. Its members account for more than 80 per cent of world GDP, 75 per cent of global trade and 60 percent of the population of the planet.

BRICS

• Brazil, Russia, India, China, South Africa

• emerging economies

NAFTA - North American Free Trade Agreement