World bank has authority to classify the countries on the basis of development. World development reports are bought by the world bank which is used for the classification of a country.world bank classifies countries according to per capita income. Countries with pci of more than us$12616 per annum and above are called rich or developed country. Countries with pci less than us$1035 are called poor country or underdeveloped. And countries with pci between them are called low mid country or developing country

Rich Countries and Low-Income Countries according to the World Development Report 2006

The World Development Report 2006 categorizes countries into different income groups based on their gross national income (GNI) per capita. These groups include low-income, lower-middle-income, upper-middle-income, and high-income countries. The report helps to analyze the economic status and development progress of nations around the world.

Below, we discuss the countries classified as rich and low-income according to the World Development Report 2006:

Rich Countries:
Rich countries, also known as high-income countries, are those with a higher GNI per capita. These nations generally have a well-developed infrastructure, advanced technology, and high standards of living. Some of the countries classified as rich in the World Development Report 2006 include:

1. United States: As one of the world's largest economies, the United States has a high GNI per capita, reflecting its prosperous status.

2. Germany: Known for its strong export-oriented economy, Germany is considered one of the wealthiest nations globally.

3. United Kingdom: The United Kingdom has a diverse economy, including sectors such as finance, manufacturing, and services, contributing to its high-income status.

4. Japan: With advanced technology and a highly skilled workforce, Japan is recognized as one of the richest countries in the world.

5. Australia: Australia's rich natural resources and thriving industries contribute to its high GNI per capita.

Low-Income Countries:
Low-income countries, also referred to as developing or least developed countries, are characterized by lower GNI per capita and face significant economic challenges. These nations often struggle with poverty, limited access to education and healthcare, and infrastructure deficiencies. Some examples of low-income countries identified in the World Development Report 2006 are:

1. Afghanistan: Affected by decades of conflict and political instability, Afghanistan is classified as a low-income country with numerous development challenges.

2. Ethiopia: Despite recent economic growth, Ethiopia remains one of the least developed nations, grappling with poverty and inadequate infrastructure.

3. Haiti: As one of the poorest countries in the Western Hemisphere, Haiti faces numerous socioeconomic challenges, including high poverty rates and limited access to basic services.

4. Sierra Leone: Sierra Leone has a low GNI per capita due to the impact of the civil war and the Ebola epidemic, which severely affected the country's socioeconomic development.

5. Democratic Republic of Congo: Despite its vast natural resources, the Democratic Republic of Congo is classified as a low-income country due to ongoing conflicts, corruption, and poor governance.

It is important to note that the classification of countries as rich or low-income may vary over time as economic circumstances change. The World Development Report 2006 provides valuable insights into the economic status of countries at a specific point in time, helping policymakers and researchers understand the global development landscape.