Explain the differences between developed and less-developed countries.

It is a multidisciplinary area that many experts have explored. Governance can be described as a multidisciplinary topic because it examines the social structure, gender orientation and international relations. In many ways, developed and developing states are distinguished by international societies and organisations. First is the difference between countries’ GDP and per capita GDP. The countries with higher GDPs than those in developing nations are the developed ones. Ghana, which has a GDP of just $3,700 per head, is a lower country than Vietnam. (World Bank, 2022b).
A high percentage of the poorest countries are in the lower-developed world. This means their population lives at or below poverty levels. In order to survive, economic instability can limit the population’s ability to make ends meet. An increasing number of people will be exposed to poverty by changes in the macroenvironmental circumstances. Ghana saw 25.5% increase in poverty rates between 2000 and 2020. Even more, the Covid-19 crisis stalled progress. The poverty rate in industrialized countries is lower because people have greater economic access to resources that are essential for decent living. The poverty rate in Vietnam fell from 32% to 2% between 2002 and 2021. (World Bank, 2022b). The stability of developed countries is dependent on their macroenvironmental situation. Covid-19 was a major factor in Ghana’s economic instability between 2021-2021. But industrialized countries such as Vietnam used methods to increase their resilience. Vietnam had a modest increase in its GDP for 2020, despite the Covid-19 virus spreading (World Bank 2022b).
Vietnam is one prime example of an emerging nation which has gone from being the least-developed to become the most developed. Effective governance is key to the country’s development. The country’s governance approach will determine its social structure, economic performance, gender orientation and foreign connections. Vietnam’s democratic political system allowed people to be more free and allow them to realize their full potential. (World Bank 2022a). A stable political environment has been created by virtue triumphing over evil, which has encouraged foreign and local companies to invest in Vietnam.

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