Is Ukraine a Third World country?

There are many countries in the world. They are divided into countries of the
first, second, third and even fourth worlds. The First World countries include USA,
Canada, Australia and many others. The Second World countries include Russia,
Poland, Mongolia and so on. The Third World countries include countries of Asia,
Africa and South America and Ukraine also. The Fourth World countries include the
poorest countries in the world.
The term "third world" is a political term from the Cold War to refer to
countries that do not belong to the Western world or the Eastern bloc. Most of them
were poorer countries, sometimes referred to as developing countries. I guess Ukraine
refer to the Third World country. According to the Global Wealth Report, which
examines the level of well-being around the world, Ukraine was classified as a third
world country, that is, the poorest. Credit Suisse analysts compiled their report on the
basis of the market value of financial and non-financial assets of people minus the
debt that the government collects for them. According to these criteria, rich countries
are states where each resident "costs" from $ 5,000 to $ 25,000. In my essay I want to
raise the topic of the economy in Ukraine.

Ukraine has become a "third world" both at the macroeconomic and everyday
levels. The residual favorable impression is formed only by the humanistic
foundation of Soviet education and the inertia of urban development, in which the
public space was more important than private space. The amounts that Ukraine
spends on servicing its public debt (UAH 35 billion) exceeded its budgetary spending
on education and health care combined. This is a classic hallmark of the Third World
economy - but, alas, not the only one. Ukrainian spending on the payment of interest
on the national debt equaled the amounts that the rich countries of Europe spend for
the same purposes. But the level of indebtedness of the same Great Britain exceeds
80% of GDP, and Ukraine's - only 38%. The paradox can be easily explained: in the
sovereign debt markets, Ukraine has to work only with short-term loans at draconian
interest rates. Official Kiev is not trusted: everyone knows that gas is periodically
stolen from the pipe in the country, that political leaders change too often for the
post-Soviet space, and that the country is one of the ten most dangerous states in
terms of the probability of default. Bloomberg recently put Ukraine in the list of ten
countries that are most likely to declare bankruptcy in the very near future. Since
2000, the debt burden for each Ukrainian has grown 50 times. The country spends the
borrowed money to pay off the debts taken earlier. That is, it builds a financial
pyramid. Now the total debt of Ukraine is about $ 68.6 billion. Since the beginning of
the year, it has grown by 6.33%, that is, by $ 4.08 billion. By the end of the year,
Ukraine's debts will grow to about 45% of GDP, and then the cost of servicing its
debts will become even higher.
In my opinion Ukraine does not refer to the Second World country. We can see
it on example with Poland. Poland, which started in the early 1990s from almost the
same position as Ukraine, is now almost 4 times ahead of our country in terms of
GDP per capita. GDP per capita is almost $ 12,000. This is not much for the
European Union, but it is also impossible to say that Poland is in need. For
comparison, in Norway - 69,500, Germany - 36,000, Portugal - 17,500, Romania -
8,300, and Poland's neighbors, which were once part of the USSR or the socialist
bloc, the figures are almost the same as Poland. Poland is a fairly open economy in
general - in the ranking of economic globalization, the country ranks 39th out of 191.
By the way, Ukraine is on the 79th step. Thanks to a progressive economy, Poland is
a much more progressive country than Ukraine in terms of economy. That is why it
occupies a proper place among the countries of the second world.
Judging by economic indicators, Ukraine is a third world country.
unfortunately, we belong to poor countries.