Describe the World Bank's classification of nations according to their gross national incomes

Question

What will be an ideal response?

Answer 1

The World Bank divides countries into four different categories based on their gross

national income (GNI). The categories are determined according to upper and lower

limits set by the World Bank. Low-income economies are primarily agricultural nations

found in Asia and Africa, where half of the world's population resides. Among those

most affected by poverty in low-income economies are women and children. Middle-

income economies are divided into upper-middle (e.g., Brazil and Mexico) and lower-

middle (e.g., Southeast Asia). Despite the designation of middle-income, at least 30

percent of the population in these countries lives in poverty. High-income economies

have a high standard of living (e.g., Western Europe, Japan, United States).