JAKARTA – Indonesia is now officially an upper-middle income country, an upgrade from its previous status as lower-middle income, according to the World Bank’s latest country classifications by income level.
The classifications are based on gross national income (GNI) per capita.
Indonesia saw its GNI per capita rise to US$4,050 (S$5,650) in 2019, surpassing the income threshold for upper-middle income, from US$3,840 in 2018.
The World Bank uses the indicator to decide whether a country may use the bank’s facilities, such as loan pricing.
Upper-middle income status categorises countries with a GNI per capita of US$4,046 to US$12,535, while lower-middle income status categorises countries with a GNI per capita of US$1,036 to US$4,045.
Countries with a GNI per capita of below US$1,036 are considered low income and those with a GNI per capita of US$12,535 are considered high income.
“Indonesia’s improved status is a proof of economic resiliency and maintained economic growth over the last few years,” Indonesia’s Finance Ministry said in a statement on Thursday (July 2).