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

• 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