Georgia Listed as Upper-Middle-Income Country

TBILISI – Recent World Bank data showed that Georgia has moved from a low-middle-income economy to an upper-middle-income classification.

The World Bank publishes its income classifications based on calculations of the gross national product (GNP) of each country.

“We had no progress in this classification for the past 15 years. The most recent results are very important to enhance the international investment image of our country and the recognition of Georgia worldwide,” Georgian Prime Minister Giorgi Kvirikashvili said.

According to the World Bank, low-income economies are defined as those with a per capita GNI per capita (calculated using the World Bank Atlas method) USD 1,025 or less in 2015.

Lower-middle-income economies are those with a GNI per capita between USD 1,026 and USD 4,035. Upper-middle-income economies are those with a GNI per capita between USD 4,036 and USD 12,475 and high-income economies are those with a GNI per capita of USD 12,476 or more.

By Eka Karsaulidze

Photo: www.aisberg.com