China is now an upper-middle-income country. It will be important going forward that poverty alleviation efforts increasingly shift to addressing the vulnerabilities faced by the large number of people still considered poor by the standards of middle-income countries, including those living in urban areas.
World Economics has combined 19 countries to represent the Low Income Countries group. The Low Income designation is defined as all countries with a gross national income per capita less than $1,036.
Countries with less than $1,035 GNI per capita are classified as low-income countries, those with between $1,036 and $4,085 as lower middle income countries, those with between $4,086 and $12,615 as upper middle income countries, and those with incomes of more than $12,615 as high-income countries.
The World Bank In Thailand. Thailand is one of the great development success stories. Due to smart economic policies it has become an upper middle income economy and is making progress towards meeting the Sustainable Development Goals.
Our 2022 Poverty in Australia Snapshot found that there are 3.3 million people (13.4%) living below the poverty line of 50% of median income, including 761,000 children (16.6%). In dollar figures, the poverty line works out to $489 a week fir a single adult and $1,027 a week for a couple with 2 children.
Economic factors - some countries have very high levels of debt . This means that they have to pay a lot of money in interest and repayments and there is very little left over for development projects. Environmental factors - some places experience environmental issues, which can prevent them from developing.
Australia is a highly developed country with a high-income economy. As of 2022, it was the world's fourteenth-largest economy with the ninth-highest per capita income. In 2021, it ranked as fifth-highest Human Development Index.
Vietnam's average duration of schooling is 10.2 years, second only to Singapore among the Association of Southeast Asian Nations countries. Its human capital index is 0.69 out of a maximum of one, the highest among lower middle-income economies.
India is currently what the World Bank describes as a lower middle income country.
It is the world's second-largest developed economy. Japan is a member of both the G7 and G20. According to the World Bank, the country's per capita GDP (PPP) was at $49,000 (2022).
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
According to Numbeo, Australia ranks 14th for highest cost of living in the world. This places this warm nation higher on the list than the United States, United Kingdom and even Canada (at least when you exclude rent costs). If you do include rent costs, Australia drops down slightly to 15th.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
Australians are the wealthiest people in the world with a typical net worth of almost $US274,000 in 2021, just ahead of Belgium, New Zealand and Hong Kong.
Pakistan is a low income developing country. Its economy is the 23rd-largest worldwide in terms of GDP based on purchasing power parity (PPP). According to a 2021 estimate, the Country has a population of 227 million people (5th-largest worldwide).
Sri Lanka had a GDP of USD 3,815 in 2021, which currently places the country in the 'middle-income' category, according to the World Bank.
A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$12,696 or more in 2020, calculated using the Atlas method. While the term "high-income" is often used interchangeably with "First World" and "developed country," the technical definitions of these terms differ.