I think your project tackles an interesting problem on a scale that is ambitious but achievable by the end of the semester. The team seems to take a very methodical approach in completing your objective, by which I mean that you complete each step (such as examining the data, or cleaning the data) thoroughly before moving on to the next. I think this will be important when you move on to unsupervised learning. The team also cleaned the data very well, and provided good justification for dropping some of the columns.
I saw that your dataset goes back to 1960, and I think that poses an interesting question. How will you account for various global events (rise of the internet), wars, revolutions, and restructuring of economies that have happened within the past 50 years and could cause a country's data to look very different from its norm for certain spans of time. Another question I have, and one that you touched on in your report, is how are you going to validate your model. Are there other existing classifications other than that of the World Bank. It might be better to compare your model against an “average” of classifications than just one in particular. Nevertheless, I think the team is making great progress and I’m excited to see what you come up with. Great work!