Explanation:
It is possible for the country to have great wealth and yet be considered less developed. This is possible because countries may not be able to exploit these riches, ie they do not have the technology, capital or technical education capable of exploiting and transforming these riches into economic growth and well-being for the people. In addition, other factors such as corruption and small group interests may contribute to this wealth being appropriated by few people.
It is quite possible that a country can have considerable wealth and still be considered a less developed country if the country does not support its citizen.
A less developed country is characterized by low per capita income, high unemployment rates, limited resources, etc.
Despite having an abundance of wealth the working institutions of a country are very poor. All the policies made by the government that aims at the development of a country go into futility due to a high level of corruption.
Moreover, advanced technology requires more capital and advanced knowledge to operate.
So, corruption, small interest groups, etc. are the factors that a country can still be considered a less developed country.
Learn more about Less developed countries here:
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