What factors cause internet speeds to be faster in one country compared to another?

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To clarify, i don’t mean the classic American vs European internet comparison.

I’m asking more about what causes a developed country in Europe for example, to have faster internet than a similarly populated but developing country elsewhere?

What prevents market competition in the latter country from causing speeds offered to go up more?

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In a developed country you generally have enough people in the population capable of paying to support the infrastructure.

In a developing country, you do not. It doesn’t do much good to install a multibillion dollar fiber optic network in an area where the people might not be able to afford basic dial-up. The company is going to lose money on that. There’s no financial incentive to offer it.