UN Trade and Development in the context of "Global South"

Global North and Global South are terms that denote a method of grouping countries based on their defining characteristics with regard to socioeconomics and politics. According to UN Trade and Development (UNCTAD), the Global South broadly comprises Africa, Latin America and the Caribbean, Asia (excluding Israel, Japan, and South Korea), and Oceania (excluding Australia and New Zealand). Most of the Global South's countries are commonly identified as lacking in their standard of living, which includes having lower incomes, high levels of poverty, high population growth rates, inadequate housing, limited educational opportunities, and deficient health systems, among other issues. Additionally, these countries' cities are characterized by their poor infrastructure. Opposite to the Global South is the Global North, which the UNCTAD describes as broadly comprising Northern America and Europe, Israel, Japan, South Korea, Australia, and New Zealand. Consequently the two groups do not correspond to the Northern Hemisphere or the Southern Hemisphere, as many of the Global South's countries are geographically located in the north and vice-versa.

More specifically, the Global North consists of the world's developed countries, whereas the Global South consists of the world's developing countries and least developed countries. The Global South classification, as used by governmental and developmental organizations, was first introduced as a more open and value-free alternative to Third World, and likewise potentially "valuing" terms such as developed and developing. Countries of the Global South have also been described as being newly industrialized or in the process of industrializing. Many of them are current or former subjects of colonialism.