what is average income
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Average income refers to the to the total income of the country divided by the total population of the country. According to the World Bank, if a country gains average income more than $ 12000 per annum then it is termed to be a developed country.
E.g United States of America
If it has less than $ 5000 then it is called as a poor country or poverty ridden country. Many of the African countries are undeveloped countries
India has an average income of $ 5500 due to which it is called as an developing country.
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