Europe and Central Asia Dominate the Number of High-Income Countries: What About Other Regions?

Economics & Macro

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Cindy Mutia Annur 10/07/2023 19:06 WIB

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The World Bank notes that 83 countries were classified as high-income in 2022, with those in Europe and Central Asia predominating.

World Bank Country Classification by Income Level and Region (2022)

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Europe and Central Asia Dominate the Number of High-Income Countries: What About Other Regions?

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World Bank Country Classification by Income Level and Region (2022)

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The World Bank recorded 83 countries categorized as high-income in 2022. This is based on calculations using Gross National Income (GNI) per capita exceeding US$13,845.

Europe and Central Asia dominated the number of high-income countries in 2022, reaching 38 countries.

The next region with the most high-income countries is Latin America and the Caribbean, with 18 countries. This is followed by East Asia and the Pacific with 15 high-income countries.

Furthermore, the Middle East and North Africa each have 8 high-income countries, followed by North America with 3 and Sub-Saharan Africa with 1.

Meanwhile, there were no high-income countries in South Asia in 2022.

On the other hand, there were 54 upper-middle-income countries last year. Latin America and the Caribbean dominated the number of upper-middle-income countries, with 19 countries.

Similarly, there were 54 lower-middle-income countries in 2022. Sub-Saharan Africa had the highest number, reaching 19 countries.

There were 26 low-income countries in 2022, with Sub-Saharan Africa having the majority.

According to the World Bank, Indonesia was classified as an upper-middle-income country in 2022. This is an upgrade from the previous year, when it was classified as a lower-middle-income country.

Indonesia's GNI per capita was recorded at US$4,580 in 2022, an increase of approximately 9.8% year-on-year (YoY).

The following are the country income category thresholds according to the World Bank as of July 1, 2023:

* Low-income countries have a per capita income of US$1,135 or less (increased from US$1,085).
* Lower-middle-income countries have a per capita income of US$1,136-4,465 (increased from US$1,086-4,255).
* Upper-middle-income countries have a per capita income of US$4,466-13,845 (increased from US$4,256-13,205).
* High-income countries have a per capita income above US$13,845 (increased from US$13,205).

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."