In the 1990s, the term emerging economy/market replaced the commonly used term:

Question

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The term "developing economy/market" was commonly used before the 1990s to refer to countries that were in the process of transitioning from low-income, agrarian-based economies to higher-income, industrialized economies. "Emerging economy/market" became a more popular term in the 1990s as these countries began to show more significant economic growth and global influence. The other options (fast growing, undeveloped, third world) are either too vague or carry negative connotations. The term "developing economy/market" was commonly used before the 1990s, but was replaced by "emerging economy/market" to reflect the changing nature of these countries as they began to experience economic growth and development. The term "fast growing" could be used interchangeably with "emerging," but it was not the commonly accepted term. "Undeveloped" and "third world" are outdated and can be considered offensive.

In the 1990s, the Term Emerging Economy/market Replaced the Commonly