Topic updates

New World Bank country classifications by income level are published

Geoff Riley

10th August 2022

Lebanon, an upper-middle-income country for almost 25 years, now moves to the lower-middle income group according to the World Bank's latest classification.

Per capita income in Lebanon has fallen in each of the last eleven years and their economy has also experienced a significant depreciation against the US dollar. This means that Lebanon drops down a dollar-denominated ranking of countries according to GDP per capita.

You can find the World Bank's latest adjustments here.

Romania and Panama are now classified as high income countries. Venezuela, classified as an upper-middle income country until 2021, has been unclassified since then due to the unavailability of data.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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