According to the New World Bank country classifications by income level 2020-2021, India remains in the classification, Lower-Middle-Income Economy. In total 218 countries have been included in this classification.The World Bank classifies countries into four income groups namely: low income , lower-middle income, upper-middle income, and high-income economies.
- The classifications are updated each year on July 1 and are based on Gross National Income(GNI) per capita in current USD(using the Atlas method exchange rates) of the previous year.
For FY 2021 the classification was made on the basis of the following GNI per capita
Low-income economies:Â GNI per capita, below USD 1,035Â
Lower Middle-income economies: GNI per capita between USD 1,036 and USD 4,045
Upper middle-income economies:GNI per capita between USD 4,046 and USD 12,535
High-income economies:GNI per capita of above USD 12,536Â
Note: The GNI per capita used for FY 2021 classification do not reflect the impact of COVID-19.
Neighbouring Countries:
| Â Country | Â Â Â Â Â Â Â Â Â Classification | GNI per Capita(2019) as of July 1, 2020Â | |
|---|---|---|---|
| New group | Old group | ||
| Indonesia | Upper-middle income | Lower-middle income | USD 4,050 |
| Mauritius | High income | Upper-middle income | USD 12,740 |
| Nepal | Lower-middle income | Low income | USD 1,090 |
| Sri Lanka | Lower-middle income | Upper-middle income | USD 4,020 |
Highlights
i.Economies that moved to a higher category- In addition to Mauritius and Nepal, Benin, Nauru, Romania and Tanzania have moved to a high category compared to the previous year classificationÂ
ii.Economies that moved to a lower category- In addition to Sri Lanka Algeria, Sudan have moved to a lower category compared to their previous year classification.
iii.In total 29 countries are classified under Low income which include Afghanistan, Ethiopia, Mozambique among others. In total 50 countries are classified under Lower-middle income which include, Bangladesh, Kenya, Bolivia among others.
iv.In total 56 countries are classified under Upper-middle income economies which include Albania, Brazil, China among others.In total 83 countries are classified under High income economies which include, Australia, Austria, Canada among others.
About World Bank
Headquarters– Washington, D.C., United States
President– David R. Malpass
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