World Bank removed the tag of developing country of India, now kept with countries like Pak, Zambia and Ghana: The World Bank has removed the reputation of developing countries over India. Now India will be counted in the lower middle income category. After the new partition, India has come under the category of countries like Zambia, Ghana, Guatemala, Pakistan, Bangladesh and Sri Lanka.
Worst of all, except BRICS, China, Russia, South Africa and Brazil fall in the upper middle income category in the BRICS countries. So far, low and middle income countries have been counted as developing and high income countries in developed countries.
The World Bank has changed the names of the categories of the bifurcation of the economy. World Bank data scientist Tariq Khokhar told, “In our World Development Indicators Publication, we have stopped keeping low and middle income countries with developing countries.
Microclimate of countries
India is being placed in the lower middle income economy for analytical purposes. In our normal working, we are not changing the term of the developing country. But when we provide specialized data, then we will use the microclimate of countries. ”
Malawi and Malaysia
The World Bank states that both Malawi and Malaysia are counted in developing countries. But in terms of economy, Malawi figure is $ 4.25 million while Malaysia has $ 338.1 billion. After the new partition, Afghanistan and Nepal come to low income.
Russia and Singapore
Russia and Singapore come in the high income non-OECD and the US high income OECD category. The new categories have been determined by the World Bank on several parameters. These include standards such as maternal mortality, time taken to start a business, tax collection, stock market, power generation and sanitation.