29 Most Developing Countries in the World (2023)

According to the OECD, there are only 37 countries belonging to the developed countries list. In contrast, there are 152 developing countries. At least, that’s the number according to the definition supplied by the International Monetary Fund (IMF).

What constitutes a developing or developed country differs depending on the criteria applied. In terms of global economics, a developing country is generally considered to have a smaller economy than giant industrial nations.

That is to say, most of the world. The developing economies have less development, and fewer late-stage industries develop to competitive standards. That doesn’t mean that they are necessarily economically destitute.

Some of these countries are home to the most beautiful cities in the world. As investment goes, many global investment strategists look to these economies for growth and high returns. Here are 29 developing countries that are showing great potential.

29 Most Developing Countries in the World. Many factors determine whether a country’s economy appeals to investors, and there’s no need to go into all those here. Suffice it to say that the countries themselves are showing good potential, and these factors, at least on a basic level, may play a part in that.

1. Bangladesh

It seems that it was a while ago that the music industry united to raise money for the Bangladesh famine. Around the time it gained independence in 1971, Bangladesh was a deeply impoverished country. Today it has far outgrown the economy of Pakistan, which Bangladesh gained its independence from.

Bangladesh is now among the top 40 biggest economies in the world. This has been driven by a robust financial sector, making it the big story of the Indian subcontinent in the 21st century.

2. Barbados

Tourism has returned with a vengeance to Barbados, a seemingly eternal popular draw for holidaymakers in the West Indies. Projections for the past year or two have been off the charts, hovering around the 10–11% range.

The consensus is that if Barbados and the Caribbean can weather the strain on global commodities caused by the Ukraine War, they should benefit from renewed interest in investment in a year or two.

4. Bhutan

Countries don’t come much smaller than the Himalayan nation of Bhutan. Its small population benefits from the country’s relative isolation and beneficial natural resources. The government has experienced significant economic growth in recent years due to its Gross National Happiness (GNH) policy of governance.

Bhutan has focused on reducing its poverty levels, which were extreme at one point. It does face unique challenges due to its geography and location between India and China. But its ability to leverage a good relationship with India has assisted with some revenue generation, especially from selling hydroelectric power.

I visited Bhutan in 2022 and absolutely loved it. There are some fantastic tourist places in Bhutan including its most famous landmark, the wonderful Tiger’s Nest Monastery.