Choose the given statement is True/False.

According to the world bank, low-income countries have a per capita income below $12,056.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
According to the world bank, low-income countries have a per capita income below US$955. This mainly includes the countries in Africa and Latin America that are very underdeveloped and poor. This criterion to divide countries into three parts based on their per capita income was introduced by the World Bank in its World Development Report. According to this report, all countries were divided into three groups.
1)      Countries with per-capita income higher than US$12,056 as rich countries.
2)      Countries with per capita income below US$ 955 as low-income countries.
3)      As middle-income countries, countries with per capita income are between US$ 12,056 to US$ 955.
The correct statement would be that according to the world bank, low-income countries have a per capita income below US$955.

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