a country in the Third World which is not economically advanced, especially one of those which borrowed heavily from commercial banks in the 1970s and 1980s to finance their industrial development, and so created an international debt crisis. nouna country in the Third World which is not economically advanced, especially one of those which borrowed heavily from commercial banks in the 1970s and 1980s to finance their industrial development, and so created an international debt crisis.AbbreviationLDC