What are the standards for classification of high-income, middle-income and low-in- come countries according to the World Bank? Cite some examples for each group.
Countries of the world are divided by the World Bank into three categories of high-income, middle-income and low-income economies. Those enjoying annual per capita income of $ 9 386 and above are classified as high-income countries. This group comprises three types of countries. The first type includes most members of the Organization for Economic Cooperation and Development （OECD）. The second type are rich oil producing countries of the Middle East such as Kuwait, Saudi Arabia, and the United Arab Emirates. The third type consists of small-industrialized countries or regions such as Israel, Singapore, Hong Kong and Taiwan.Countries with annual per capita income below $ 9 386 but above $ 765 are regarded as middle-income countries. Most East European countries are included in this category.Lower income countries are those that have per capita incomes of only $ 765 or even less. Most African countries, some Asian countries and a few Latin American countries are included in this group.
