Third World is an outdated term to refer to neutral countries in the cold war.
Unless there was a sudden dramatic shift in US geopolitical policy it would literally be impossible for it to be considered third world, as the very definition of third world as the definition inherently implies that the country in question is not allied with the US and the broader Western World.
Austria and Switzerland were third world, technically Yugoslavia was too. China became third world for a decent stretch after the sino-soviet split since the other half of the definition relies on not being allied with the Soviets in particular.
The use of third world as an insult for poor countries is a neo-colonial mindset that just takes for granted that anyone who isn’t an outright ally of the west or of the Russians must just be too poor to be worth considering as anything but uneducated people in dirt houses living subsistence lifestyles and who’s main interaction with an apparatus of state is occasionally seeing a humvee loaded up with the child soldiers of this warlord or that drive by.