section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Several organizations seek to identify trends to produce economy country classifications. Countries are often distinguished as developing countries or developed countries.
  
  The United Nations Department of Economic and Social Affairs annually produces the World Economic Situation and Prospects Report classifies states as developed countries, economies in transition, or developing countries. The report classifies country development based on per capita gross national income (GNI). The UN identifies subgroups within broad categories based on geographical location or ad hoc criteria. The UN outlines the geographical regions for developing economies like Africa, East Asia, South Asia, Western Asia, Latin America, and the Caribbean. The 2019 report recognizes only developed countries in North America, Europe, Asia, and the Pacific. The majority of economies in transition and developing countries are found in Africa, Asia, Latin America, and the Caribbean.
  
  The World Bank also classifies countries based on GNI per capita. The World Bank Atlas method classifies countries as low-income economies, lower-middle-income economies, upper-middle-income economies, or high-income economies. For the 2020 fiscal year, the World Bank defines low-income economies as countries with a GNI per capita of $1,025 or less in 2018; lower-middle-income economies as countries with a GNI per capita between $1,026 and $3,995; upper-middle-income economies as countries with a GNI per capita between $3,996 and $12,375; high-income economies as countries with a GNI per capita of $12,376 or more..
  
  It also identifies regional trends. The World Bank defines its regions as East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, North America, South Asia, and Sub-Saharan Africa. Lastly, the World Bank distinguishes countries based on its operational policies. The three categories include International Development Association (IDA) countries, International Bank for Reconstruction and Development (IBRD) countries, and Blend countries.