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.