Showing posts with the label India

World Bank to change classification of countries; India will now be called ‘lower-middle income’ -ET

MUMBAI: For decades, ‘developed’ and ‘developing’ have served as agreeable economic nomenclatures to classify countries based on their prosperity and standards of living. That’s about to change, with the World Bank switching to more precise, though unvarnished, descriptions of economies.

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And India — which till now found a place under the common umbrella with other ‘developing’ countries —will now be called ‘lower-middle income country/South Asia’.

The more specific definitions are aimed at categorising economies which though ‘developing’ in character, differ dramatically from one another. For instance, India, Mexico and Malawi may be hardly comparable even if a few economic and social parameters overlap.

With economies becoming less and less homogeneous, the multilateral agency will group countries based on geographical coverage and income levels to capture the changing world.

In its annual edition of world development indi…