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What is Low-Income Countries

Eco-Innovation and Sustainable Development in Industry 5.0
A low-income country is classified by the World Bank based on its gross national income (GNI) per capita. As of 2024, low-income countries are those with a GNI per capita of $1,085 or less.
Published in Chapter:
Wellbeing-Oriented Economic Paradigms for Sustainable Development
Adetunji Anthony Adeyanju (International University of Management, Windhoek, Namibia), Blessing Tafirenyika (International University of Management, Windhoek, Namibia), and Ruth Eegunjobi (International University of Management, Windhoek, Namibia)
Copyright: © 2024 |Pages: 18
DOI: 10.4018/979-8-3693-2219-2.ch005
In this chapter, the authors examine sustainable economic growth through a well-being approach, crucial for future prosperity. The authors compare economies using a well-being model against others based on income levels, analyzing eight well-being indicators based on data availability across 70 countries. By adopting robust statistical approaches like non-parametric ANOVA, Kruskal-Wallis H test, and Mann-Whitney U test, a detailed comparison was conducted. The results, supported by literature and case studies, show marked differences in happiness, political stability, and corruption perception among these groups. This study highlights the effectiveness of the well-being economy model, offering valuable insights for policymakers and scholars in sustainable development.
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Global Digital Divide
Have per capita income less than $875 U.S. (in 2001).
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The Problems of Development Gap between Developed and Developing Nations: Is There Any Sign of Convergence?
Each year on July 1, the World Bank revises analytical classification of the world's economies based on estimates of gross national income (GNI) per capita for the previous year. The updated GNI per capita estimates are also used as input to the World Bank's operational classification of economies that determines lending eligibility. As of 1 July 2014, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,045 or less in 2013.
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