Indonesia's Upward Mobility to Upper-Middle-Income Status: What's its Southeast Asian Ranking?

Economics & Macro

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Cindy Mutia Annur 04/07/2023 15:10 WIB

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According to World Bank data, Indonesia's Gross National Income (GNI) per capita rose to US$4,580 in 2022. This has elevated Indonesia to upper-middle-income country status.

Gross National Income (GNI) per Capita of Southeast Asian Countries (2022)

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Indonesia's Upward Mobility to Upper-Middle-Income Status: What's its Southeast Asian Ranking?

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Gross National Income (GNI) per Capita of Southeast Asian Countries (2022)

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Indonesia upgraded to an upper-middle-income country in 2022, according to the latest World Bank data. The previous year, Indonesia was classified as a lower-middle-income country.

According to the World Bank, in 2022 Indonesia's Gross National Income (GNI) per capita increased by approximately 9.8% year-on-year (yoy), reaching US$4,580. In 2021, the national GNI per capita was US$4,170.

The World Bank stated that Indonesia, along with several other regions such as El Salvador, and the West Bank and Gaza, had GNI per capita very close to the upper-middle-income threshold in 2021. Therefore, the relatively low Gross Domestic Product (GDP) growth in 2022 was sufficient to elevate these economies into the upper-middle-income category.

The World Bank also noted that the change in Indonesia's income category occurred due to the national economy growing by 5.3% (yoy) in 2022.

Despite the upgrade, Indonesia's GNI per capita in 2022 dropped to 5th place in Southeast Asia. In the previous year, Indonesia's GNI per capita ranked 4th in the region.

Singapore held the top position with a GNI per capita of US$67,200 in 2022. Brunei Darussalam followed in 2nd place with a GNI per capita of US$31,410, followed by Malaysia at US$11,780, and Thailand at US$7,230.

Below Indonesia were Vietnam and the Philippines, with GNI per capita of US$4,010 and US$3,950 respectively. Myanmar had the lowest GNI per capita at US$1,210.

Based on World Bank classification, the majority of Southeast Asian countries fall into the lower-middle-income category, due to their GNI per capita ranging from US$1,136 to US$4,465.

Exceptions are Singapore and Brunei Darussalam, which are classified as high-income countries with GNI per capita above US$13,845. Malaysia, Thailand, and Indonesia fall into the upper-middle-income category with GNI per capita ranging from US$4,466 to US$13,845.

The following is a comparison of GNI per capita of Southeast Asian countries in 2022:

* Singapore: US$67,200 (high income)
* Brunei Darussalam: US$31,410 (high income)
* Malaysia: US$11,780 (upper-middle income)
* Thailand: US$7,230 (upper-middle income)
* Indonesia: US$4,580 (upper-middle income)
* Vietnam: US$4,010 (lower-middle income)
* Philippines: US$3,950 (lower-middle income)
* Laos: US$2,360 (lower-middle income)
* Timor Leste: US$1,970 (lower-middle income)
* Cambodia: US$1,700 (lower-middle income)
* Myanmar: US$1,210 (lower-middle income)

Editor : Adi Ahdiat

"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."