ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Third world
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High Income Country (HIC)
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Middle Income Country (MIC)
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Low Income country (LIC)
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Detailed explanation-1: -High income country (HIC)-a country that has a GNI per capita of $12, 535 or above according to the World Bank. These are richer countries that have lots of industry and service jobs such as the UK and Japan. •
Detailed explanation-2: -HIC = high-income country; LIC = low-income country; LMIC = lower. middle-income country; UMIC = upper middle-income country.
Detailed explanation-3: -Low-income countries (LICs) – Countries with a low level of economic development are known as LICs. High-income countries (HICs) – Countries with a high level of economic development are known as HICs. Middle-income countries (MICs) – MICs are those countries between LICs and HICs.
Detailed explanation-4: -The High Income designation is defined as all countries with a gross national income per capita exceeding $12, 055. Overall these countries account for 39% of Global GDP and 25% of global GDP growth in the past 10 years (2012-2022).