Not the Third World, but economies -- especially in Eastern Europe
and South America
-- which are judged to be growing out of what might have been called Third World
status a few years back. They were a favoured investment destination in the mid-1990s until the collapse of Malaysia
's currency caused something of a crash in their stock market
s: but most have recovered fairly well and they're particularly attractive for large American and European multinationals in the infrastructure
and the like are big business in emerging economies.
The Economist, which surely counts as some kind of authority, includes the following countries in its list of emerging markets: China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela, Egypt, Israel, South Africa, Turkey, the Czech Republic, Hungary, Poland and -- although this might be disputed -- Russia.
Basically, everyone outside the G8 countries who counts, plus a few extra.