ABSTRACT
Low-income countries struggle to establish an economic framework necessary for economic development, the process in which a country enhances the living standards of its people. Developing countries share common objectives, including the desire to increase the material well-being of their citizens. Economies include the formal sector and informal sector. While the former is monitored and taxed by governments, the latter is not. Developing countries are characterized by high levels of economic inequality, the unequal distribution of income and opportunity among individuals in a country. Global poverty entails the state of deprivation in which individuals do not have access to the resources and basic necessities they need to live healthy lives. The most important environmental problem facing the world is climate change, the long-term shifts in both temperatures and weather patterns.
