(COLOMBO, LANKAPUVATH) –Sri Lanka has moved up to the Upper-Middle-Income Economies from lower-middle income category under the World Bank’s new country classification by income level.
For the 2020 fiscal year, upper middle-income economies are those with a Gross National Income (GNI) per capita between $ 3,996 and $ 12,375.
According to the World Bank’s most recent data Sri Lanka’s GNI per capita is $ 4,060 in 2018.
Economies are currently divided into four income groupings: low, lower-middle, upper-middle, and high. Income is measured using gross national income (GNI) per capita, in U.S. dollars.
For the 2020 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,025 or less in 2018; lower middle-income economies are those with a GNI per capita between $1,026 and $3,995; upper middle-income economies are those with a GNI per capita between $3,996 and $12,375; high-income economies are those with a GNI per capita of $12,376 or more.
Countries are immediately reassigned on July 1 each year, based on the estimate of their GNI per capita for the previous calendar year. Income groupings remain fixed for the entire fiscal year.