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Tricontinental uses the term

Outside the 49 countries of the Global North imperialist camp, making up the vast majority of the world’s population, are 145 countries that constitute the Global South.

The use of the term ‘Global South’ has primarily been a loose, imprecise reference. The actions over the last four years of the now fully aligned and integrated US-led Military Bloc have, however, created a large group of countries that are the ‘Rest of the World’. The ‘Rest of the World’ are thus aligned initially by ‘negative unity’, i.e., all its members are excluded. Consequently, they have become a negation of the imperialist camp. These countries include Russia and Belarus, which are not developing countries but are heavily targeted for regime change and subjugation.

The Global South includes mainly so-called ‘less developed’ or ‘developing’ countries, geographically associated with countries in Latin America, Asia, Africa, and Oceania. It implicitly refers to countries that have been historically marginalised in the global economic system and are all grappling with the legacies of colonialism and imperialism. These countries were often called the Third World

From: https://thetricontinental.org/studies-on-contemporary-dilemmas-4-hyper-imperialism/#toc-section-4-2

It is a term used in anti imperialists circles. But that may be completely missing the point as to whether it is offensive or not and should be replaced. The phrase is definitely clunky, and the above authors admit that too. But they do define it via imperialism so there is a coherent concept lurking behind it.

I'm interested what better word may come about.