Jul 03, 2019

Sri Lanka upgraded to upper middle income country! Featured

The World Bank has categorized all countries under four groups based on their income. Accordingly, countries were grouped as upper income, upper middle income, lower middle income and low income countries.

Sri Lanka has moved to the ‘Upper-Middle Income’ category from the ‘Lower-Middle Income’ under a revision to the Gross National Income (GNI) classification thresholds announced by the World Bank on Monday (July 1).

According to the World Bank data, Sri Lanka’s GNI per capita has increased from USD 3,840 in 2017 to USD 4,060 in 2018. As per the new classifications, upper-middle income economies are defined as those with a GNI per capita between USD 3,996 and USD 12,375.

Under the new categorization, Sri Lanka is in the upper-middle income bracket along with 59 other countries also including China, Russian Federation, South Africa, Thailand, Malaysia, Mexico Fiji, Cuba and Brazil. Argentina, Georgia and Kosovo too have been newly upgraded to the status of an upper-middle income country along with Sri Lanka. According to the World Bank classification, 31 countries have lower income economies and 47 countries have lower-middle income economies. Eighty countries have been qualified to the high income economy group.