Middle-Income Countries (MICs)

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Definition of 'Middle-Income Countries (MICs)'

A middle-income country (MIC) is a country with a gross national income (GNI) per capita that is higher than that of low-income countries but lower than that of high-income countries. The World Bank defines MICs as countries with a GNI per capita between $1,046 and $12,745.

There are currently 63 MICs, according to the World Bank. These countries are home to over 5.5 billion people, or about 75% of the world's population. MICs are located in all regions of the world, but they are most concentrated in Asia and Africa.

MICs are a diverse group of countries, with a wide range of economic, social, and political characteristics. Some MICs are rapidly developing, while others are struggling to make progress. Despite their differences, MICs share some common challenges, including high levels of poverty, inequality, and unemployment.

The World Bank has identified several key areas for development in MICs. These include:

* Improving access to education and health care
* Promoting economic growth and job creation
* Reducing poverty and inequality
* Addressing climate change

The World Bank believes that by addressing these challenges, MICs can achieve sustainable development and improve the lives of their citizens.

In addition to the challenges mentioned above, MICs also face a number of risks. These include:

* The risk of financial crises
* The risk of political instability
* The risk of natural disasters
* The risk of climate change

MICs need to be prepared for these risks and take steps to mitigate their impact. By doing so, they can increase their chances of achieving sustainable development.

The World Bank is committed to helping MICs achieve sustainable development. The Bank provides financial assistance, technical assistance, and policy advice to MICs. The Bank also works with MICs to develop their own strategies for sustainable development.

The World Bank believes that MICs have the potential to become prosperous and equitable societies. By working together, the World Bank and MICs can make this vision a reality.

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