The West is failing to develop the developing countries, a new report has found.
India, China and Brazil have all ranked in the bottom third of the development community, according to the World Bank report on poverty, inequality and development.
But that doesn’t necessarily mean the developed world has failed to improve, the report says.
Instead, it is the West that is the least prepared to develop poor countries, it says.
The West has been unable to develop its own people and is largely unwilling to invest in infrastructure, education, health and other essential social needs that are key to achieving the Millennium Development Goals (MDGs), the report said.
As a result, developing countries face a series of social, economic and environmental challenges that could have devastating effects, the authors said.
For instance, the poor countries are under-resourced in the global economy.
The US spends a third of its GDP on defence, while China spends a quarter, according the IMF.
The report, which has been compiled over the last decade, said the developing nations are also under-invested in education and healthcare.
It said the US and China are responsible for a whopping 85% of global medical research and 90% of pharmaceutical patents.
“The developed world’s poor economies have been left to suffer the consequences of poor governance, inadequate access to resources and inadequate social services,” said the report’s co-author, economist and former US vice president Joe Biden.
The United States has not only spent billions of dollars on defence but has also been one of the world’s largest spenders on healthcare, healthcare spending in developed nations including the US is the second highest in the world behind the US.
The US has been criticised for its high healthcare costs, which have prompted the healthcare budget in the US to rise by an average of $6,000 (£4,600) per person each year, the World Health Organisation (WHO) said in a recent report.
In its report, the IMF says the US spends nearly twice as much per capita on healthcare than the next five biggest spenders.
China spends less per capita than the US, and spends almost twice as many per capita as the UK, Canada and Germany, it said.
Meanwhile, India spends more per capita, but spends only twice as well as the US on healthcare.
The IMF also pointed out that India has been developing rapidly.
It has more than doubled its GDP in the last three decades, and is the world leader in high-speed rail, broadband and mobile broadband.
“These trends have not been shared with the rest of the developed economies, who have experienced slow economic growth in recent decades,” the report states.
The study was published in the IMF’s annual Development Outlook.