Question
Consider the following statements: 1. The World
Bank assigns the world’s economies to four income groups, low, lower-middle, upper-middle, and high-income countries. 2. The classifications are updated each year on 1st July and are based on Gross National Income (GNI) per capita in the current USD of the previous year. Which of the statements given above is/are incorrect?Solution
The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. Hence, statement 1 is correct. The classifications are updated each year on 1st July and are based on Gross National Income (GNI) per capita in the current USD of the previous year. Hence, statement 2 is correct. GNI is the total amount of money earned by a nation's people and businesses.
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