Organisers hope the women’s strike – whose confirmed participants include fishing industry workers, teachers, nurses and the PM, Katrín Jakobsdóttir – will bring society to a standstill to draw attention to the country’s ongoing gender pay gap and widespread gender-based and sexual violence.
In regular parlance it very quickly came to mean countries that are very underdeveloped, with high levels of poverty, simply because this tended to map quite closely to non-alignment.
Unless you’re reading something about cold war geopolitics, most use of the term takes this casual meaning, though you can usually get confirmation of what is meant from context.
I don’t see it used as much as in the past.