From Mr Angus McDougall.
Sir, It is time to replace the misleading terms “developed” and “developing” countries with those that better capture the current situation.
I would suggest instead countries are categorised according to whether they form part of the group of “heavily indebted countries” or the group of “creditor countries”. This will involve some changes to the membership of each group, but will perhaps help tackle the entrenched complacency of “developed” countries which for too long have rested on their laurels on the basis that they were somehow superior to those deemed still to be in the “developing” second category.
Removal from the indebted category could occur when a country’s public debt to gross domestic product ratio falls below 60 per cent, providing some motivation to those delinquents to get their house in order. The group of “creditor” countries is at present a very small, select one, but over time may gradually expand.
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