question_answer

  What is the main criterion used by World Bank in classifying different countries?

Answer:

                  World Bank has used the criterion of per capita income to classify the countries. (i) Rich countries: Countries with per capita income of ` 4,53,000 per annum and above in 2004, are called rich countries. (ii) Low-income countries: Countries with per capita income of ` 37,000 or less are called low-income countries. The rich countries excluding countries of the Middle East and certain other small countries are called developed countries and the others are called developing countries.