what is the main Criterion used by the World Bank in classifying different countries? what are the limitation of this Criterion if any?
Answers
In the world development records brought out by the world Bank this criteria is used for classifying countries
Countries with per capita income of US $12236 per annum in 2016 were considered rich countries.
Countries with per capita income of $1005 or less were considered low income countries.
India comes in the category of low middle income countries, because it's per capita income in 2016 was $1840 per annum.
Countries that were considered rich countries were called developed countries.
People not only think of better income, but also have goals such as security, freedom and respect for others.
Therefore when we think of a Nation or a region we must not only think of income but also think of non-income goals.
Answer:
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.
Hope it helps you !
Explanation:
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