Question

This assignment provides information about the long-run growth performance and standard of living in your country with some context for how it compares to the world and other countries of similar income levels. Some important issues should be considered: What income group does the country belong to? Has it been keeping pace with comparison countries, gaining, or falling behind? Particularly for low- and middle-income countries, is there potential for moving up the income scale?

Answer 1

Country: India

According to the analyses kf world Bank, India belongs to low middle income group.

When we talk about keeping pace with other nations, India has been doing well and gaining, but due to Covid-19 the country is falling behind as its GDP has fallen and maximum people in the country are unemployed.

In general, yes, there is potential for low and middle income countries to come up the income scale. By generating employment for the people, and increasing government spendings, these countries can improve their Economic position and increase the national income.