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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 (GN

I per capita in the current USD of the previous year. Which of the statements given above is/are incorrect?

A 1 Only

B 2 Only

C Both are incorrect

D None

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