Economic Classifications

Economic classifications categorize countries based on their income levels and development stages. Typically, they include *high-income* countries with advanced economies, *middle-income* countries with developing economies (further divided into lower and upper middle), and *low-income* countries that are less developed with limited industrialization. These classifications help understand global economic dynamics, guide policy decisions, and allocate aid or investments. They reflect factors like income per person, industrial capacity, and quality of infrastructure, offering a snapshot of where a country stands economically.