Question

Explain one reason why a named country has achieved 'High Income' status

Answer 1

Answer:

Countries that have a wealth of research and development and/or access to new technology often have a more productive work force than countries without access to technology. As productivity increases, economic growth increases.

Answer 2

• The World Bank defines a high-income country as one with a gross national income per capita exceeding $12,056. The gross national income (GNI) is calculated by adding gross domestic product to factor incomes from foreign residents, then subtracting income earned by non-residents.
• A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$12,696 or more in 2020, calculated using the Atlas method. While the term "high-income" is often used interchangeably with "First World" and "developed country", the technical definitions of these terms differ
• .Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion in 2019. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas.