New classification countries of income level

NEW YORK: The World Bank classifies economies based on gross national income per capita in US dollars, calculated using what is

called the Atlas method.

WHAT IS GROSS NATIONAL INCOME?

GNI is the total amount of money earned by a nation's people and businesses.

The number includes the nation's gross domestic product plus the income it receives from overseas sources.

The World Bank assigns the world’s economies to four income groups—Low, lower-middle, upper-middle, and high-

income countries.The classifications are updated each year on July 1

HOW MANY COUNTRIES ARE CONSIDERED?

In the World Development Indicators database, all 189 World Bank member countries,Plus 28 other economies with populations of more than 30,000, are classified.

HAS THE COVID IMPACT TAKEN INTO ACCOUNT?

It is important to emphasize that the World Bank’s income classifications use the GNI of the previous year (2019 in this case).

Thus, the GNI numbers that are used for this year’s classification do not yet reflect

the impact of COVID-19.