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Context. The world’s Middle Income Countries (MICs) are a diverse group by size, population, and income level. For the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,135 or less in 2022.
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- What Is A Middle-Income country?
- Understanding Middle-Income Countries
- Mic Characteristics
- The Significance of Mics
- Graduating from Lower- to Upper-Middle Income
- The Bottom Line
According to the World Bank, middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,136 and $13,845 as of 2024. MICsconsist of lower-middle-income countries and upper-middle-income countries, both of which are part of the income categories that the World Bank uses to classify economies for o...
The World Bankhas historically classified every economy as low-, middle-, or high-income. It now further specifies countries as having low-, lower-middle-, upper-middle-, or high-income economies. The World Bank uses GNI per capita, in current U.S. dollars converted by the Atlas method of a three-year moving average of exchange rates, as the basis ...
MICs are broken up into lower-middle-income and upper-middle-income economies. Lower-middle-income economies have per capita GNIs between $1,136 and $4,465, while upper-middle economies have per capita GNIs between $4,466 and $13,845. MICs are a very diverse group by region, size, population, and income level, ranging from tiny nations with small p...
MICs are essential for continued global economic growthand stability. According to the World Bank, sustainable growth and development in MICs have positive spillovers to the rest of the world. Examples are poverty reduction, international financial stability, and global cross-border issues, including climate change, sustainable energy development, ...
Countries graduate from one level to another depending on their GNI per capita. According to a June 2023 report by the World Bank, India continued to be a lower-middle-income country and is expected to continue to be so in 2024. Countries that will move from low-income to lower-middle-income country categories are Guinea and Zambia. Countries movin...
The World Bank classifies countries based on gross national income (GNI) per capita to better analyze these nations. Middle-income countries are those with a GNI per capita between $1,136 and $13,845. Middle-income countries can be further categorized as lower-middle income and upper-middle income.
What are middle-income countries? Middle-income countries have GNI per capita ranging from $1,190 to $13,420. Most of the world's population, 75%, lives in middle-income nations. Frequently Asked Questions. The World by Income and Region - World Bank. Historical classification by income - World Bank. GNI per capita, Atlas method (current US$)
The category of newly industrialized country ( NIC ), newly industrialized economy ( NIE) [1] or middle income country [2] is a socioeconomic classification applied to several countries around the world by political scientists and economists.
