Generic Keywords

Question 1

Define Low income country (LIC) and High income country (HIC)

Answer 1

This subdivision of countries is based on the World Bank income classifications
(GNI per capita), which in 2013 were Low Income $1045 or below, and High
Income $12746 or above.

Question 2

Define Newly Emerging Economy (NEE)

Answer 2

Countries that have begun to experience higher rates of economic development,
usually with higher levels of industrialisation. They differ from LICs in that they
no longer rely primarily on agriculture, have made gains in infrastructure and
industrial growth, and are experiencing increasing incomes and high levels of
investment, eg Brazil, Russia, China and South Africa (the so-called BRICS
countries).