Indonesia listed among upper-middle income countries by WB

Indonesia is now an upper-middle income country, an upgrade from its previous status as lower-middle income, according to the World Bank’s latest country classifications by income level published on July 1.

03, Jul. 2020

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JAKARTA, VNA – Indonesia is now an upper-middle income country, an upgrade from its previous status as lower-middle income, according to the World Bank’s latest country classifications by income level published on July 1.

The classifications are based on gross national income (GNI) per capita. Upper-middle income status categorises countries with a GNI per capita of 4,046 USD to 12,535 USD, while lower-middle income status categorises countries with a GNI per capita of 1,036 USD to 4,045 USD. Countries with a GNI per capita of below 1,036 USD are considered low income and those with a GNI per capita of 12,535 USD are considered high income.

Indonesia saw its GNI per capita rise to 4,050 USD in 2019, surpassing the income threshold for upper-middle income, from 3,840 USD in 2018.

Indonesia’s improved status is a proof of economic resiliency and maintained economic growth over the last few years, the Finance Ministry said in its statement.

According to the statement, the Indonesian government will continue to push for structural reforms to boost competitiveness, improve industry capabilities and reduce the current account deficit to empower the economy. - VNA