The term "Third World," which originated during the Cold War to categorize countries of the Global South, is now considered outdated and is rarely used among academics and global organizations. The Cold War political divisions have altered over time and the countries of the Global South have experienced tremendous growth, development and transformation.

In today's modern parlance, Third World countries often refer to those nations in which people live in poverty and have fewer resources, and worse socio-economic indicators, than people living in more affluent countries. Natural disasters, political conflict, and economic disparity are often contributors to the lack of development in Third World countries.

Third World countries also typically lack access to adequate health care, resources and education. This often leaves people living in Third World countries with few opportunities for advancement. For example, many have limited access to capital, technology and skilled labor, as well as to markets for their products and services. This means a low standard of living and limited ability to develop better socio-economic outcomes.

Socio-economic indicators in these countries remain low and constrained, making it difficult to attract short-term and long-term investment capital. Poor infrastructure and limited access to credit also hinders economic growth and development. As a result, these countries remain marginalized in international trade and are particularly vulnerable to external economic and political shocks.

The United Nations Sustainable Development Goals (SDGs) aim to bring people out of poverty and promote economic growth and development. This includes the eradication of extreme poverty, the promotion of food security, improved health and education services, upgraded infrastructure, and access to energy and clean water. These are just a few of the major goals proposed by the SDGs to improve the quality of life in Third World countries and to increase their overall economic development.

Despite progress in many areas, progress in reducing poverty and promoting development in Third World countries remains slower than in many other parts of the world. Although the development status of many countries is improving, more policy interventions and investments in infrastructure and basic services are necessary before these countries can truly lift themselves out of poverty.

It is estimated that poverty in Third World countries can be eradicated if the right policies are put in place to reduce inequality, strengthen social safety nets, reduce the gender gap and ensure access to health, education and technology. As the international community continues to work together to tackle global poverty, the hope is that all countries, regardless of their political divisions or economic status, can benefit from the opportunities and resources needed to succeed.