The World Bank has included Russia in its list of high-income countries. Since 2022, the Russian Federation has the status of an upper-middle-income country. In 2023, gross national income (GNI) per capita reached $14,250, up from $12,830 the previous year.
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The high-income category starts at $14,005 gross national income per capita.
There are four income groups that the World Bank classifies countries into. These are high, above average, below average and low.
In 2022, Russia was classified as an upper-middle-income country. At that time, the GNI per capita was $12,830.
Reasons for Russia’s transition to the category of upper middle-income countries
The World Bank explained the Russian Federation’s move to another category by economic activity in 2023, in particular, by the increase in military spending. The organization also highlighted the recovery of trade (+6.8%) and the financial sector (+8.7%). A recovery was also recorded in the construction sector (+6.6%).
“These factors led to both real (3.6%) and nominal (10.9%) GDP growth, and Russia’s GNI per capita increased by 11.2%,” the bank’s statement said.
Apart from Russia, Bulgaria is in the upper middle-income category. Ukraine has also improved its situation. The country where the fighting is taking place has moved from a lower middle-income category to an upper middle-income category.
In 2022, Ukraine’s GDP fell by 28.8%, but already in 2023 the figure resumed growth (+5.3%).
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
