It’s important which word you choose, since both words bring with them its own implied solution to the problem. If we call it “underdeveloped”, the implied solution is to foster development. If, on the other hand, we call it “overexploited”, well…

Then the only solution is for larger more powerful countries to voluntarily give up their way of life. In which case those countries will be in a tough spot for a very long time.

I would disagree because in my opinion it seems that there are some parts of the western developed world where levels of exploitation are increasing.