Question

Explain the criteria used by World Bank classifying country

Answer 1

for classifying countries, world bank used per capita income of the country.

According to the report of 2013, countries with per capita income of US$12736per annum and above are called rich countries and those with per capita income of US$1045 or less are called low income countries.

Answer 2

The main criterion used by the World Bank in classifying countries: Countries having per capita income USD 12616 per annum and above are called rich countries and those with per capita income of USD 1035 or less are called low income countries. A country may have more equitable distribution.