World Bank publishes country classifications by income level for 2024-2025

YEREVAN, July 2. /ARKA/. The World Bank Group published its updated classifications of countries by income level for 2024-2025 on Tuesday.

It assigns the world’s economies to four income groups: low, lower-middle, upper-middle, and high based on the GNI per capita of the previous calendar year.

This year, three countries, namely Bulgaria, Palau, and Russia, moved from the upper-middle-income to the high-income category.

“Economic activity in Russia was influenced by a large increase in military related activity in 2023, while growth was also boosted by a rebound in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). These factors led to increases in both real (3.6%) and nominal (10.9%) GDP, and Russia’s Atlas GNI per capita grew by 11.2%,” the report said.

Algeria, Iran, Mongolia, and Ukraine all moved up from the lower-middle-income to the upper-middle-income category this year. Iran’s economy grew 5.0% in 2023, driven mainly by oil exports and supported by gains in services and manufacturing. GNI jumped 39.5% in nominal terms which, combined with the depreciation of the Iranian rial, resulted in a 17.6% increase of the Atlas GNI per capita.