What is a criticism of the categorizations of nations as developed or developing?

One criticism is that such categorizations oversimplify complex economic, social, and political realities, leading to stereotyping and generalizations. They may perpetuate a sense of hierarchy and stigmatize countries deemed as "developing," while failing to capture the diversity and nuances within nations. Additionally, the terms may not adequately address issues such as inequality, sustainability, and cultural differences within and between countries.