Sri Lanka has revised the World Bank’s gross national income (GNI) classification limits announced on Monday (July 1) to the “upper-middle income” category from the “lower-medium income. “The per capita GNI of Sri Lanka has risen from 3.840 USD in 2017 to 4.060 USD in 2018 according to World Bank information. The fresh categories define the higher-medium revenue markets between USD 3,996 and USD 12,375 for GNI per person.
In low revenues, GNI economies per capita are of 1,025 or less USD in 2018; in low-medium-and GNI economies of 1,026USD to 3,995USD per capita, in high-income economies of 12,376USD or more.
The fresh rankings include Sri Lanka, China, the Russian Union, South Africa, Thailand, Malaysia, Mexico Fiji, Cuba, and Brazil as part of the upper-middle-income group alongside 59 other nations. The status of an Upper Main Income Country along with Sri Lanka has recently been updated for both Argentina, Georgia, and Kosovo. According to the classification of the World Bank, 31 nations have reduced revenue markets and 47 have reduced medium-income economies. The high-income economy group was eligible for 80 nations.
The World Bank Data Team announced: “New thresholds are set at the beginning of the July financial year of the World Bank and continue to apply at 12 months, independent of subsequently revised estimates. “The revenue classification was analytical until last year and did not impact the lending conditions of the World Bank. The high-income threshold has however been a decisive factor in lending rates since last fiscal year. Excise rates of lending for countries classified for two consecutive years as high income are applicable, “he added. In the Southern Asian region, the upper-middle-income group comprises only Sri Lanka and the Maldives, where the smallest income group comprises Bangladesh, Bhutan, India, Myanmar, and Pakistan as well as Afghanistan and Nepal.