Economic development sounds like a panacea, but... how in hell's name do you do it?
Sure, you can say all you want that "someone should help develop these nations", but that requires three things:
1) Capital
2) Cooperation
3) Incentive
The capital may exist, but not in the amounts needed.
Cooperation likely won't exist, as many of these countries are rather fascist... developing the entire country wouldn't help the regime.
Incentive? See above. The leaders of the countries don't want it, and US/UK businesses aren't going to pump billions into creating more competition for themselves. There's no incentive. The EU might be happy to squander untold riches on this, but then, it is the EU.