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World Bank country classifications by income level 2020-21: Check the complete list here

World Bank country classifications by income level: The World Bank classifies the countries based on GNI every year on July 1. In this year's list, India continues to be classified as the lower-middle-income country.
Jul 14, 2020 12:31 IST
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World Bank country classifications by income level 2020-21
World Bank country classifications by income level 2020-21

The World Bank categorises the World's economies into four income groups-- low, lower-middle, upper-middle and high-income countries. On July 1, every year the World Bank classifies the countries based on GNI (Gross National Income) per capita in the US Dollars. The method used for calculation is known as the Atlas method. In its latest classification, the World Bank has classified India as a lower-middle-income country. 

What is the World Bank's STARS Project?

List of Countries Classified by Income level 2020-21

List of Low-Income Economies ($1,035 Or Less)

  1. Afghanistan
  2. Guinea-Bissau
  3. Sierra Leone
  4. Burkina Faso
  5. Haiti
  6. Somalia
  7. Burundi
  8. Korea, Dem. People's Rep.
  9. South Sudan
  10. Central African Republic Liberia
  11. Sudan
  12. Chad
  13. Madagascar
  14. The Syrian Arab Republic
  15. Congo, Dem. Rep
  16. Malawi
  17. Tajikistan
  18. Eritrea
  19. Mali
  20. Togo
  21. Ethiopia
  22. Mozambique
  23. Uganda
  24. Gambia, The
  25. Niger
  26. Yemen, Rep.
  27. Guinea
  28. Rwanda  

List of Lower-Middle-Income Economies ($1,036 - $4,045)

  1. Angola
  2. Honduras
  3. Papua New Guinea  
  4. Algeria
  5. India
  6. Philippines
  7. Bangladesh
  8. Kenya
  9. São Tomé and Principe
  10. Benin
  11. Kiribati
  12. Senegal
  13. Bhutan
  14. Kyrgyz Republic
  15. Solomon Islands
  16. Bolivia
  17. Lao PDR
  18. Sri Lanka
  19. Cabo Verde
  20. Lesotho
  21. Tanzania
  22. Cambodia
  23. Mauritania
  24. Timor-Leste
  25. Cameroon
  26. Micronesia, Fed. Sts.
  27. Tunisia
  28. Comoros
  29. Moldova
  30. Ukraine
  31. Congo, Rep.
  32. Mongolia
  33. Uzbekistan
  34. Côte d'Ivoire
  35. Morocco
  36. Vanuatu
  37. Djibouti
  38. Myanmar
  39. Vietnam
  40. Egypt, Arab Rep.
  41. Nepal
  42. West Bank and Gaza
  43. El Salvador
  44. Nicaragua
  45. Zambia
  46. Eswatini
  47. Nigeria  
  48. Zimbabwe
  49. Ghana
  50. Pakistan  

List of Upper-Middle-Income Economies ($4,046 - $12,535)

  1. Albania
  2. Fiji
  3. Montenegro
  4. American Samoa
  5. Gabon
  6. Namibia
  7. Argentina
  8. Georgia
  9. North Macedonia
  10. Armenia
  11. Grenada
  12. Paraguay
  13. Azerbaijan
  14. Guatemala
  15. Peru  
  16. Belarus
  17. Guyana
  18. Russian Federation
  19. Belize
  20. Indonesia
  21. Samoa
  22. Bosnia and Herzegovina
  23. Iran, Islamic Rep.
  24. Serbia
  25. Botswana
  26. Iraq
  27. South Africa
  28. Brazil
  29. Jamaica
  30. St. Lucia
  31. Bulgaria
  32. Jordan
  33. St. Vincent and the Grenadines
  34. China
  35. Kazakhstan
  36. Suriname
  37. Colombia
  38. Kosovo
  39. Thailand
  40. Costa Rica
  41. Lebanon
  42. Tonga
  43. Cuba
  44. Libya
  45. Turkey
  46. Dominica
  47. Malaysia
  48. Turkmenistan
  49. Dominican Republic  
  50. Maldives
  51. Tuvalu
  52. Equatorial Guinea
  53. Marshall Islands
  54. Venezuela, RB
  55. Ecuador
  56. Mexico 

List of High-Income Economies ($12,536 Or More)

  1. Andorra
  2. Greece
  3. Palau
  4. Antigua and Barbuda
  5. Greenland
  6. Panama
  7. Aruba
  8. Guam
  9. Poland
  10. Australia
  11. Hong Kong SAR, China
  12. Portugal
  13. Austria
  14. Hungary
  15. Puerto Rico
  16. Bahamas, The
  17. Iceland
  18. Romania
  19. Bahrain
  20. Ireland
  21. Qatar
  22. Barbados
  23. Isle of Man
  24. San Marino
  25. Belgium
  26. Israel
  27. Saudi Arabia
  28. Bermuda
  29. Italy
  30. Seychelles
  31. The British Virgin Islands
  32. Japan
  33. Singapore
  34. Brunei Darussalam
  35. Korea, Rep.
  36. Sint Maarten (Dutch part)
  37. Canada
  38. Kuwait
  39. Slovak Republic
  40. Cayman Islands
  41. Latvia
  42. Slovenia
  43. Channel Islands
  44. Liechtenstein
  45. Spain
  46. Chile
  47. Lithuania
  48. St. Kitts and Nevis
  49. Croatia
  50. Luxembourg
  51. St. Martin (French part)
  52. Curaçao
  53. Macao SAR, China
  54. Sweden
  55. Cyprus
  56. Malta
  57. Switzerland
  58. Czech Republic
  59. Mauritius
  60. Taiwan, China
  61. Denmark
  62. Monaco
  63. Trinidad and Tobago
  64. Estonia
  65. Nauru
  66. Turks and Caicos Islands
  67. Faroe Islands
  68. Netherlands
  69. United Arab Emirates
  70. Finland
  71. New Caledonia
  72. United Kingdom
  73. France
  74. New Zealand
  75. United States
  76. French Polynesia
  77. Northern Mariana Islands
  78. Uruguay
  79. Germany
  80. Norway
  81. Virgin Islands (U.S.)
  82. Gibraltar
  83. Oman

Why the classification changes every year?

The classification done by the World Bank depends on two reasons. They are as follows:

1- Inflation, exchange rates, and population growth are some of the factors which influence GNI per capita. If national accounts method and data are revised, the GNI is impacted. 

2- In order to keep some of the income classification thresholds fixed, the annual adjustment for inflation is made. The Special Drawing Rights (SDR) deflator is used for this purpose. The SDR is a  weighted average of the GDP deflators of China, Japan, the United Kingdom, the United States, and the Euro Area. The new thresholds based on the Atlas method are listed below: 

Group July 1, 2020 July 1, 2019
Low-Income < 1,036 < 1,026
Lower-middle Income 1,036 - 4,045  1,026 - 3,995
Upper-middle Income 4,046 - 12,535 3,996 - 12,375
High Income > 12,535 > 12,375

Source: World Bank

What is Gross National Income?

GNI or Gross National Income is the total amount of money earned by the citizens of a particular country and businesses. It includes the nation's Gross Domestic Product (GDP) and the income it receives from the overseas sources. 

About the World Bank Group

The World Bank Group was established on July 4, 1944, and is headquartered in Washington D.C., US. The organization was established for economic development and to eliminate poverty. Currently, 189 states are the members of the World Bank Group. David Malpass is the current and the 13th President of the World Bank Group. The President of the organization has always been a US citizen who is also the largest shareholder in the bank and is appointed by the US President. 

The World Bank Group Agencies

1- The International Bank for Reconstruction and Development (IBRD). It was established in the year 1945 and provides debt financing on the basis of sovereign guarantees.

2- The International Finance Corporation (IFC). It was established in the year 1956 and provides various forms of financing without sovereign guarantees, mainly to the private sector.

3- The International Development Association (IDA). It was established in the year 1960, providing concessional financing, with sovereign guarantees.

4- The International Centre for Settlement of Investment Disputes (ICSID). It was established in the year 1965 and works with the government to reduce investment risks.

5- The Multilateral Investment Guarantee Agency (MIGA). It was established in the year 1988 and provides insurance against certain types of risk such as political risk to the private sector. 

Here, the World Bank refers to IBRD and IDA while all the institutions are listed under World Bank Group. 

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