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World Bank released revised classification of world’s economies based on Gross National Income

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  • Every year on 1st July World Bank releases data of revised classification of world’s economies based on Gross National Income.
  • Gross National Income (GNI) is a broad-based measure of income generated by a nation’s residents from international and domestic activity.
  • GNI per capita measures the average amount of resources available to persons residing in a given economy, and reflects the average economic well-being of a population.
  • Gross national income per capita ranking table based on the World Bank Atlas method and purchasing power parity (PPP).
  • Economy Coverage :-World, East Asia & Pacific, Europe & Central Asia, Latin America & Caribbean, Middle East & North Africa, South Asia, Sub Saharan Africa, High income, Low or Middle income, IBRD, IDA
  • Granularity:– National, Regional
  • Number of Economies are 214.
  • It was last updated on 1st July 2015 as like every year by world bank.

The new GNI per capita ranking Report says:-

  • According to the report, improved economic performance has been seen in many low-income countries like Bangladesh, Kenya, Myanmar, and Tajikistan .
  • Now they became among lower-middle income countries, joining those with annual incomes of $1,046 to $4,125.
  • Mongolia and Paraguay move from lower middle-income status to upper middle-income, a group with yearly income levels of $4,126 to $12,735.
  • South Sudan has fallen out of the lower middle-income classification and back into low-income status, where average per capita incomes are $1,045 or less.
  • Oman and Timor-Leste fell most from their 2013 ranking – down 15 places for both.
  • Maldives and Mongolia were the highest movers in the rankings – up 13 and 8 places, respectively.
  • People living in low-income countries continue to fall behind those in the upper per capita GNI brackets.
  • Malawi has the world’s lowest reported GNI per capita at $250. In 24 years Malawi’s GNI per capita has increased by just $70 from $180.
  • Monaco has the highest, at more than $100,000 – more than 400 times more per person on average than Malawi.
  • Norway, one of the world’s wealthiest countries, has increased its per capita income from $26,010 to $103,050, an increase of $77,040.
  • Vietnam has moved to lower-middle income, with a GNI per capita of $1,890 – moving up more than 50 places in the rankings over the last 25 years.
  • Argentina, Hungary, Seychelles, and Venezuela have now moved from the upper middle income category to high income, with average per capita income levels now of $12,736 or more.

India’s position:-

  • India belongs to the lower middle income category with average per capital 1610 US dollars or around 101430 rupees, it continues to be in.
  • With the addition of one trillion US dollars during the past seven years, India’s GDP reached 2 trillion US dollar mark in 2014. In 2013 it was 1.861 trillion US dollars.
  • See the complete list of economies classified by income, region, and lending status here:-http://data.worldbank.org/about/country-and-lending-groups