World Bank Low Income Countries. The international body has no formal definition of developing. For analytical purposes, WESP classifies all countries of the world into one of three broad categories: developed economies, economies in transition and developing economies.
The international body has no formal definition of developing. Instead, the World Bank now refers to countries by their region, income, and lending status. The World Bank decision (to change the way countries are classified) may prompt the United Nations to follow suit.
The World Bank assigns the world's economies into four income groups — high, upper-middle, lower-middle, and low.
The use of the term is convenient; it is not intended.
Instead, the World Bank now refers to countries by their region, income, and lending status. The World Bank assigns the world's economies to four income groups — low, lower-middle, upper-middle, and high-income countries. While the World Bank Group consists of five development institutions.