The global economy is centered around three main markets--not just physically, but also economically. Remember, it's a connected world, so physical geography, at least as far as the markets go, tends to mean less and less. The three main markets are:
However, just because the world revolves around these markets, it doesn't mean that they represent the whole picture.
The World Bank is an international banking organization connected to the United Nations. It is focused on developing poorer nations. In fact, to quote the World Bank, "We offer support to developing countries through policy advice, research and analysis, and technical assistance. Our analytical work often underpins World Bank financing and helps inform developing countries' own investments."
The World Bank does a lot of work as an agency of the United Nations. They examine per capita income, the wealth of nations, and they help develop poorer nations based on their own economic standing.
The World Bank divides countries into different categories based on per capita income, which is defined as the average income of a group. In the World Bank's case, this is calculated by taking the gross national income of a country, divided by the number of people living in that country. This determines how they divide countries into different categories, such as:
But now, because of development within those countries, cellphone sales are huge. This, in turn, sparked other development in infrastructure within the country, which is improving the quality of life for the people there, and raising the per capita income as a result.
They've also become more connected to the outside world. Now, not only are they capable of getting connected to the outside world, but companies are able to reach previously untapped markets as a result. Now the people in low-income countries know about the other opportunities that exist in the world. This is driving change within the country, and also raising the standard of living.
Source: adapted from sophia instructor james howard