Shafaq News/ The World Bank has announced that Iraq has retained its status as an upper-middle-income country, according to its July 2024 report.

This marks the 12th consecutive year that Iraq has been classified in this category.

The World Bank classifies economies into four income groups based on gross national income (GNI) per capita: low-income, lower-middle-income, upper-middle-income, and high-income. GNI per capita is expressed in U.S. dollars.

All Gulf Arab states are classified as high-income, while Bulgaria and Belarus have moved from the upper-middle-income to the high-income category this year. Algeria, Iran, Mongolia, and Ukraine have also been upgraded from lower-middle-income to upper-middle-income status.