Hmmm... it depends. If you think that being in the economic class of an airliner or riding in the third class of a train is demeaning, then so is the denomination "third world". I think the analogies apply. But if you hold your head high and say "yes, I'm in the economic class because that's what I can afford now, and it's none of your business", then being in the "third world" shouldn't be offensive.
I don't like the term. First of all, because it lumps together a huge number of countries in widely varied situations. Latin America isn't as poor as Africa, for example. You'll excuse, but the poverty in Brazil - there's malnutritition for sure, but there's not hunger nor other problems as civil wars, dictatorships, our democratic institutions are much stronger - can't be compared to that in Angola, Zimbabwe, Ethiopia. It's incredibly different. Second, because anything that involves "worlds" (Man are from Mars, Women are from Venus. Really!)... that pretty much says we are doomed to be separate. That's sad.
But then, "developing" countries has the same problem, minus the demeaning connotation. But it's also innaccurate, for another reason: some countries are developing, for sure. But others... those are crumbling. Take Iraq in the Saddam era, the AIDS-torn African countries, Venezuela and Bolivia. Sorry, that's not development.
Alternatively, there's "rich", and "poor". Here, the inaccuracy regarding development doesn't apply. It still lumps together different realities. Is the word "poor" demeaning? But still... that's my preferred denomination. I believe in simplicity, and those terms are just that. It makes no opposition between capitalism and communism. It's not condescending. So yeah, I'm from a poor country. That simple.
