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For the first time, Ukraine is included in the category of upper middle income countries

For the first time, Ukraine is included in the category of upper middle income countries

Ukraine’s income is estimated by the World Bank at $5,070 per capita. Previously, this figure was $4,270.

Ukraine has been upgraded to an upper-middle-income country according to the published FY 2024 income classification from the World Bank. This was stated in a statement from the press service of the organization.

Thus, according to the classification, the income of Ukraine is estimated by the bank at $5,070 per capita. Previously, this number was $4,270.

The World Bank classifies the world’s economies into four income groups: low, lower middle, upper middle and high.

The classifications are updated annually from July 1, taking into account the gross national income (GNI) per capita for the previous calendar year.

The World Bank’s income classification aims to reflect a country’s level of development, relying on GNI per capita as a widely available indicator of economic potential.

Ukraine’s upgrade is the result of renewed economic growth in 2023 (real GDP rose 5.3% after falling 28.8% in 2022 – ed.) combined with a declining population, which fell by more than 15% from during the full Russian invasion.

Photo: World Bank

While Russia has moved into the category of high-income countries. This is due to a significant increase in military activity, the continuation of trade (by 6.8%), the financial sector (by 8.7%) and construction (by 6.6%). These factors led to growth in both real (3.6%) and nominal (10.9%) GDP, and Russia’s GNI per capita increased by 11.2%.

Let’s remember that the Cabinet of Ministers in the Budget Declaration for 2025-2027 predicts a slowdown in economic growth in 2025. The government expects GDP growth: in 2025 by 2.7%, in 2026 by 7.5%, in 2027 by 6.2%.

Ukraine’s GDP growth forecast for 2024 at 4.6% was included in the state budget for this year and has not changed.

Ukraine has one month to avoid default – The Economist
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Source: korrespondent

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