what is main criterion used by the world Bank in classifying different countries? what are the limitation of this criterion if any?
Answers
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The World Development Report, 2012, brought out by the World Bank has given the following criterion in classifying countries-
Rich or High income countries- Countries with the per capita income of US $1216 per annum and above in 2012, are called rich countries.
Poor or Low income countries- The countries with the per capita income of US $1035 or less, are called low income countries.
India comes in the category of low middle income countries because its per capita income in 2012 was just US $1530 per annum. The rich countries, excluding countries of Middle east and other small countries, are generally called the developed countries.
Limitations-
1. It covers only the economic aspect ignoring peace, health, environment, education, longevity ,etc.
2.This method does not give information regarding the distribution of income.
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Answer:
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Per Capita Income is the main criterion used by the World Bank in classifying different countries.The limitation of this criterion are: → It doesn't show distribution of income. → It also ignores other factors such as infant mortality rate, literacy level, healthcare, etc
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