Last Updated on February 22, 2022 by visitgis
According to the World Bank report, the countries that have a per capita gross national income (GNI) is less than $1026 lies in low income countries list.
The world bank declares countries into four income level categories such as
- LIC (<$1,025)
- Upper Middle Income Countries ($4,038-$12,475)
- Lower Middle Income Countries ($1,026-$4,035)
- High Income Countries (>$12,475)
The group of high income countries GNI per capita is at least $12,476.
Gross National Income GNI is the country’s income (Sum of local producers) divided by its total population.
LIC are also known as developing countries. These countries claim aid from financial institutions such as world bank and United Nations agencies for economic, political, social, and environmental development. Bilateral aid directly disperse from donor countries to accepting countries. Multilateral aid received by international organizations that distribute to third world countries for the sack of development purposes.
Map Credit : World Population Review
List of LICs
- African Republic
- DR Congo
- Sierra Leone
Is India a LIC?
India comes in Lower middle income countries.
According to the GDP of India, it is the fifth richest country in the world. India’s GDP is fractionally higher than some European countries and behind China and the US.
India’s Gross National Income is 8.823 trillion PPP dollars in 2020. It shows that it comes under a low middle income country, instead of low income country.
What are LIC Countries?
LIC countries are nations who have gross national income less than $1,025.
What are LICs’ characteristics?
There are 5 characteristics of low income countries such as:
- Severe Inequality: It is associated with income distribution around the country. Each individual in the country does not attain the limit of minimal per capita income.
- Poor Health Care and Education: These are the basic necessities of human living. Poor Healthcare facilities and low standard education is the main characteristic of LIC countries.
- High Unemployment: It is clear that, if a country is facing difficulties in education sectors. They are unable to create business or new emerging technologies projects. They are unable to teach their people new technologies from on ground education systems. The ratio of unemployment is always rocket high in LIC.
- Heavy reliance on agriculture: Nations from LIC always rely majorly on agriculture instead of new technologies or industries.
- Rapid population growth: Their population growth increases unexpectedly high. It is simple population growth directly proportional to their problems growth.