Human Interest

"In the 2016 edition of its World Development Indicators, the World Bank has made a big choice: It’s no longer distinguishing between 'developed' countries and “developing” ones in the presentation of its data. The change marks an evolution in thinking about the geographic distribution of poverty and prosperity. But it sounds less radical when you consider that nobody has ever agreed on a definition for these terms in the first place. The International Monetary Fund says its own distinction between advanced and emerging market economies “is not based on strict criteria, economic or otherwise.” The United Nations doesn’t have an official definition of a developing country, despite slapping the label on 159 nations. And the World Bank itself had previously simply lumped countries in the bottom two-thirds of gross national income (GNI) into the category, but even that comparatively strict cut-off wasn’t very useful."