[[1]] is used as a main criteria by the World Bank for classifying different countries.

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

Per capita income is used as the main criterion by the World Bank for classifying different countries. The income of various nations is one of the most crucial factors to consider when comparing them. Compared to nations with higher incomes, countries with lower incomes are thought to be less developed. This is the fundamental justification behind using income comparisons to gauge development. In general, factors influencing a country's growth include its per capita income, average literacy rate, etc. The general idea of a nation's growth is one that raises the per capita income and standard of living of its citizens. Per capita income is the main criterion used by the World Bank. Per capita income is calculated by dividing the total income of a country by the population.

Watch 3-min video & get full concept clarity