In this episode, we’ll explore a common method of categorising countries based on wealth. We’ll discuss the three primary classifications: Higher Income Countries (HICs), Lower Income Countries (LICs), and Newly Emerging Economies (NEEs). We’ll examine how HICs have high GNI per capita, education levels, and quality of life, while LICs face lower figures in these areas. We’ll also consider NEEs—countries that have transitioned from LIC status through significant economic growth. Finally, we’ll reflect on the limitations of this classification system, highlighting how national averages can oversimplify complex economic realities.

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