The term Developing Nations has to be used with caution as it had traditionally included a wide array of countries outside the developed world of North America, Western Europe and Japan (and a few other countries such as Australia and South Africa). The characteristics which defined these “emerging markets” were a Gross National Product (GNP) per capita which was below that of the developed economies, the potential for market growth and an environment with continued economic and political instability. However, as many of these countries have grown at different rates and have economic and other drivers which are very different and disparate, definitions of this sector have become more fragmented. (Copied from article).