Sri Lanka drops to lower middle-income group

Friday, 03 July 2020 - 18:36

Seven countries have moved up from their current positions while three countries including Sri Lanka have been downgraded from their previous position according to the data released by the world bank.

The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries.

The classifications are updated each year on July 1 and are based on GNI per capita in current USD of the previous year.

In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita.

Benin, Indonesia, Mauritius, Nauru, Nepal, Romania and Tanzania have moved to a higher category from their previous category. Indonesia has moved into the Upper-middle income from the Lower-middle income group.

Sri Lanka and Algeria have been downgraded to the Lower-middle income group from the Upper-middle income group while Sudan have been downgraded to the lower income group.

Sri Lanka entered the lower-middle-income group in 1999, from the low-income category and continued there for over two decades, before moving to the upper-middle-income group in 2019.

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