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

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: 

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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