State the criterion used by the world bank as per world development report 2013, in classifying the countries. How did the world bank define low and high income countries?
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The World Bank considers only per capita income as an indicator of development.
According to this criterion, countries with a per capita income of US $ 12236 per annum or above in 2016, are rich countries and those with a per capita income of US $ 1005 per annum or less are low-income countries.
According to this classification, India, with a per capita income in 2016 of just US $ 1840 per annum is considered a low middle income country.
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