World Bank: Iraq is one of the economies with upper middle income

Shafaq News / The World Bank considered on Saturday that Iraq is one of the economies with upper middle income.

The bank said in a report seen by Shafaq News agency that "Iraq is one of the economies with upper middle income which include 56 countries.”

“in addition to Iraq, they also consist of Albania, Argentina, China, Jordan, Brazil, Turkey, Lebanon, Libya, Malaysia, South Africa and Thailand," he added.

He pointed out that "low-income economies included 29 countries including Eritrea, Yemen, Sudan and Syria," noting that "high-income economies consist of 83 countries, including Qatar, the UAE and Bahrain from Arab countries, Italy, Austria and Germany. "

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

Which are as follows

The classification of countries is determined by two factors:

·        A country’s GNI per capita, which can change with economic growth, inflation, exchange rates, and population.

·        Classification threshold: The thresholds are adjusted for inflation annually using the SDR deflator.