Question

according to the World bank classify the countries of the world into two groups on the basis of per capita annual income

Answer 1

According to World Bank, the countries of the world are classified into four groups based on per capita income such as 1) low, 2) lower- middle, 3) upper-middle, and 4) high.

Explanation:

• The World Bank classified the countries based on geographic region, lending operations, and per capita income.  

• Based on this income groups, the economy has been classified as 1) low, 2) lower-middle, 3) upper-middle and 4) high.  

• Here the income has been measured using GNI per capital in terms of US dollars. This will be then get converted from the local currency (Example: INR).

• This conversion can be done using a method named World Bank Atlas Method.  

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Answer 2

Answer:

The World Bank classified the countries based on geographic region, lending operations, and per capita income.  

Based on this income groups, the economy has been classified as 1) low, 2) lower-middle, 3) upper-middle and 4) high.  

Here the income has been measured using GNI per capital in terms of US dollars. This will be then get converted from the local currency (Example: INR).

This conversion can be done using a method named World Bank Atlas Method.  

Explanation: