The World Bank classifies low and middle-income countries as developing nations, distinguishing them from the first world (developed countries) and the third world (historically leveling countries with lower economic stability). Understanding these terms helps in recognizing the economic status of different nations and their needs. ;
According to the World Bank, low and middle-income countries are classified as developing nations. This classification reflects their ongoing efforts to improve economic stability and living standards. It distinguishes them from developed countries and outdated terms like 'third world.'
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