What is MEDC and LEDC?

Business Dec 16, 2020

Expert Solution

MEDC stands for More Economically Developed Country and LEDC stands for Less Economically Developed Country. MEDCs comprise only 16% of the world's population yet control about 81% of the world's wealth. They are highly developed, have high incomes, and are industrialized. Examples of MEDCs include the United States of America, Canada, and Japan. Meanwhile, LEDCs constitute 41% of the world's population and control only 3.4% of the world's gross national income. Examples of LEDCs include Somalia, Cambodia, Sierra Leone, and Haiti.

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