The World Bank shifts away from designating countries as
developing economies:
“When you look at
the actual numbers, many of the traditional divisions turn out to be way past
their sell-by-date. In its 2016 update of its Development Indices, the World
Bank decided to get rid of the distinction between the “developing” world,
defined as low and middle- income nations, and “developed” world, defined as
high-income nations, across its whole range of statistics and programmes. The
reason for that decision was fascinating. “There is no longer a distinction,”
it concluded.”