Africa’s Ranking in the List of Development Categories

The World Bank classifies all the countries in the world into different development categories, based on certain yardsticks. Currently, there are four broad categories —high income countries, upper middle income countries, lower middle income countries and low income countries. For the current 2022 fiscal year, 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 2020; lower middle-income economies are those with a GNI per capita between $1,046 and $4,095; upper middle-income economies are those with a GNI per capita between $4,096 and $12,695; high-income economies are those with a GNI per capita of $12,696 or more,” explained the World Bank. These low income countries, which are also referred to as underdeveloped or emerging markets, are noticeably poorer than countries in the other three development categories highlighted above. Due to their peculiar development challenges, a lot of these countries depend on development aids and subsidised loans from multilateral lenders in order to survive. There are currently 27 countries that are categorised under the low income list. Out of these 27 countries, 24 are in Sub Saharan Africa while the remaining three are the Middle East.

SOURCE: BUSINESS INSIDER AFRICA

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