Low-Income Countries 2024 (2024)

FAQs

Low-Income Countries 2024? ›

For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022; lower middle-income economies are those with a GNI per capita between $1,136 and $4,465; upper middle-income economies are those with a GNI per ...

For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022; lower middle-income economies are those with a GNI per capita between $1,136 and $4,465; upper middle-income economies are those with a GNI per ...

Mexico is an upper middle income country focused on manufacturing goods and free trade agreements with around 40-50 countries. It has 2.458 trillion dollars in GDP (purchasing power parity) making it the 15th largest economy in the world. It is a member of the OECD, NAFTA, APEC, WTO, and the G20.

Jamaica At-A-Glance

It is an upper middle income country but struggles with low growth, high public debt and many external shocks which weaken its economy...

The United States, Canada and their allies represented the "First World", while the Soviet Union, China, Cuba, North Korea, Vietnam, and their allies represented the "Second World". This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on political divisions.

China is now an upper-middle-income country.

Is Egypt a low income country? ›

According to the World Bank Country Classification, Egypt has been promoted from the low income category to lower middle income category. As of 2013, the average weekly salaries in Egypt reached E£641 (approx. US$92), which grew by 20% from the previous year. The reform program is a work in progress.

In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27, at 4th in the OECD-28 rankings. In terms of GNP per capita, a better measure of national income, Ireland ranks below the OECD average, despite significant growth in recent years, at 10th in the OECD-28 rankings.

For example, the United States has a GNI per capita of over $70,000, while the GNI per capita in some low income countries is less than $1,000. High income countries also tend to have much higher levels of human development than other countries.

Mexico is third world because it is non-aligned. First World = NATO aligned countries. Second World = Warsaw Pact Aligned Countries. The term second World is not used often anymore, but first world basically means it is similar to a NATO nation in that it is wealthy, good governance, etc.

Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan. Several Western European nations qualify as well, especially Great Britain, France, Germany, Switzerland, and the Scandinavian countries. The ways that first world countries are defined can vary.

It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century.

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.