Bulgaria Joins High-Income Nations for the First Time, Says World Bank

Business » FINANCE | July 3, 2024, Wednesday // 12:33
Bulgaria: Bulgaria Joins High-Income Nations for the First Time, Says World Bank

For the first time, Bulgaria has been classified among the countries with high national income according to the World Bank's classification, as reported by bTV. The World Bank Group categorizes the world's economies into four income groups: low, lower-middle, upper-middle, and high. These classifications are updated annually on July 1, based on Gross National Income (GNI) per capita for the preceding calendar year.

This year, Bulgaria, Palau, and Russia transitioned from the upper-middle-income category to the high-income category. This marks Bulgaria's first entry into this group, while Russia was previously classified as a high-income country from 2012 to 2014.

According to the World Bank, Russia's GNI per capita stood at 14,250 USD, the same as Palau's, with Bulgaria slightly higher at 14,460 USD. Bulgaria's steady approach to the high-income threshold has been supported by modest growth throughout the post-pandemic recovery, continuing into 2023 with a 1.8% increase in real GDP driven by consumer demand.

Palau also saw its GDP return to pre-pandemic levels, growing by 0.4% in real terms. In Russia, economic activity in 2023 was significantly influenced by a surge in military-related activities, with additional growth driven by increases in trade (6.8%), the financial sector (8.7%), and construction (6.6%). These factors contributed to a rise in both real GDP (3.6%) and nominal GDP (10.9%), leading to an 11.2% growth in Russia's GNI per capita.

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Tags: Bulgaria, World Bank, GDP, GNI

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