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2022-2023 World Bank Country Lending Group guidelines (all values USD): Low-income economies — 2021 GNI per capita of up to $1,085. Lower-middle-income economies — 2021 GNI per capita of $1,086 to $4,255. Upper-middle-income economies — 2021 GNI per capita of $4,256 to $13,205. High-income economies — 2021 GNI per capita of $13,206 or more.
Overview. 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. Lower middle-income economies are those with a GNI per ...
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Jun 30, 2023 · World Bank Group country classifications by income level for FY24 (July 1, 2023- June 30, 2024) The World Bank Group assigns the world’s economies [1] to four income groups – low, lower-middle, upper-middle, and high. The classifications are updated each year on July 1, based on the GNI per capita of the previous calendar year.
- 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.
Middle Income Countries Program. The World Bank. 1818 H St., N.W. Washington, DC 20433. Latest news and information from the World Bank and its development work in Middle Income Countries (MICs). Access Middle Income Countries economy facts, statistics, project information, development research from experts and latest news.
Using the World Bank’s income classification, the world currently comprises of 26 low-income, 108 middle-income, and 83 high-income economies. With about 75 percent of the world’s population, middle-income countries now account for about 40 percent of global economic activity, 50 percent of the world’s extremely poor people, and 60 ...
Apr 21, 2018 · The world by income. The World Bank classifies economies for analytical purposes into four income groups: low, lower-middle, upper-middle, and high income. For this purpose it uses gross national income (GNI) per capita data in U.S. dollars, converted from local currency using the World Bank Atlas method, which is applied to smooth exchange ...
