An economically developing country is a nation that is striving to improve its economic status. Some synonyms for this term include emerging economy, growing economy, and developing nation. Other similar terms include frontier market, newly industrializing country, and transitional country. These terms are often used to describe countries that are moving away from being predominantly agricultural and becoming more industrialized and urbanized. The goal of these countries is to increase their economic output and improve the standard of living for their citizens. While still facing many challenges, economically developing countries are making progress towards achieving economic stability and sustainability.