Select if the given statement is true/false:Countries with per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries.

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Select if the given statement is true/false:

Countries with per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries.

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True

False

answer is A.

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Detailed Solution

The given statement is true.
According to the World Bank, countries with a per capita income of USD 49,300 or above per annum (in 2019) are called high-income countries. The World Bank classifies nations based on their per capita income to compare their developmental levels. Countries like the USA, UK, and Australia can be termed high-income countries. On the other hand, the World Bank has classified India as a lower-middle income country.

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