Curated playlist
Economic country classifications
- Group of 77China is on the Group of 77 member list but says it is not a member. It has backed the group since 1994.
- G20The G20 has no headquarters, no permanent staff and no power to enforce its decisions.
- Developing countryIn 2015 the World Bank announced it would phase out the category of "developing world."
- BRICSThe man who coined BRIC later said the group serves no real purpose. Economist Jim O'Neill named it in 2001.
- Developed countryNo official rule says which countries count as developed. The United Nations Statistics Division admits it openly.
- Third WorldThe term Third World began in a 1952 French magazine article. Demographer Alfred Sauvy coined it.
- World Bank high-income economySaudi Arabia and Kuwait count as high-income to the World Bank but as developing to the UN.
- Second WorldThe term Second World now can label countries that never had anything to do with the Soviet Union.
- G8On the 24th of March 2014, seven governments suspended Russia from the G8.
- First WorldThe term First World began as a Cold War weapon, not a measure of wealth.
- G7The G7 began in 1973 as four finance officials meeting in the White House library.