MP Board · Class 10 · Social Science · Economics: DevelopmentWhich of the following criteria is used by the World Bank in its World Development Reports to classify countries?
The World Bank uses per capita income as the main criterion to classify countries in its World Development Reports. Countries with per capita income of US$ 49,300 per annum and above in 2019 are called high-income countries, and those with per capita income of US$ 2,500 or less are called low-income countries. India comes in the category of low-middle income countries because its per capita income in 2019 was just US$ 6,700 per annum.
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Incorrect choice. This distractor represents a common misunderstanding of the core principles of Economics: Development.
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Economics: Development.
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Economics: Development.