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The World Bank (one of the agencies that monitor economic conditions across the globe) is the most effective. It sorts countries into four categories based on the success of their economies: (1) high-income, (2) upper-middle-income, (3) lower-middle income, and (4) low-income.

Source: Realms, Regions and Concepts, Fifteenth Edition (Textbook) Page 30, under development in spatial perspective.

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