What is the main criteria used by the World Bank in classifying different countries? What are the limitations of this criterion, if any?
Per capita income is the main criteria used by World Bank.
Limitations of per capita income:
o It enables to show how income is distributed among the people of the country.
o Cost of pollution is not considered in this average.
o Some other important aspects like infant mortality rate, literacy rate, net attendance ratio etc are not considered while calculating per capita income.
