World Bank classifies economies into four income groups: low, lower-middle, upper-middle, and high. Classifications updated annually on July 1 based on GNI per capita. Atlas method introduced in 1989 for converting GNI to US dollars
GATT parties and European Communities became WTO members in 1995. China and Liberia joined after GATT withdrawal
Brazil is the largest country in South America with over 203 million people. It is the fifth-largest country by area and seventh-largest by population. Brazil has 26 states and a Federal District with the capital Brasília. Portuguese is the official language and Brazil has the most speakers worldwide
GDP measures market value of final goods and services in a nation. Nominal GDP doesn't account for living costs and exchange rate fluctuations. PPP comparisons adjust for cost of living differences
Term "Third World" coined by Alfred Sauvy in 1952 during Cold War. Initially described countries not aligned with NATO or Communist Bloc. Lost political meaning after Soviet Union's fall in 1990s
Development status is determined by GDP, industrialization, and quality of life. UN uses Human Development Index (HDI) to assess social and economic development. No single metric is universally correct for developing vs developed countries