The first and third world countries vary at great lengths in the aspect of economy. First world countries are economically advanced with sufficient resources to support the needs of their people. (First, Second and Third World) First world countries have higher rates of Gross Domestic Product (GDP) as opposed to Third World countries. This GDP is a reliable indicator of the current state of economy as it shows the output of products of the country and their income. (World Resources 2008- Comparative Table of Economics and Trade)
The government of first world countries have adequate health plans, insurance benefits, better government facilities and has enough funds to use for the various needs of government agencies such as for ambulance, police mobiles and many more. Third world countries are considered as poor countries for lack of resources. The countries of the third world often rely on first world countries wherein the former seeks to have good alliances with the latter to get support for its various needs.
Third world countries are often behind in terms of infrastructure, government facilities, and without adequate programs to support its people. Third world countries often seek aid from foreign loans for funding through the World Bank. Some countries are in a better position than others because of the rate of productivity and income that its people make. The sufficient amount of available jobs makes it possible for its people to earn more and spend more, which pumps money into their respective country.
Poor countries lack employment thus its people are left without any sources of income and without any means to support themselves. The plight of third world countries are bound to improve in the long term. It might not happen in the near future due to the current economic global crisis. At present, a lot of people are left without jobs due to the recession. The third countries who rely on the first world countries for employment opportunities would first have to take a back seat due to the problems that the latter would first have to face within their own country.
But, this state of economy is about to make a drastic change as the economy is starting to recover. This would have a domino effect and would have a positive effect on third world countries. – Reference: 1. First, Second and Third World. September 20, 2008. Retrieved on May 22, 2009 from website http://www. nationsonline. org/oneworld/third_world_countries. htm. 2. World Resources 2008- Comparative Table of Economics and Trade. December 19, 2008. Retrieved on May 22, 2009 from website http://www. nationsonline. org/oneworld/economics_and_trade. htm.
Courtney from Study Moose
Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/3TYhaX