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The World Bank has raised its assessment of Ukraine’s per capita income to $5,070, moving the country into the upper-middle-income category. This is a significant increase from the previous figure of $4,270. The new classification was published in the World Bank’s 2024 fiscal year income level rankings.
The World Bank classifies economies into four income groups: low, lower-middle, upper-middle, and high, based on the gross national income (GNI) per capita. These classifications are updated annually on July 1, reflecting the economic data from the previous calendar year.
Ukraine’s upgrade in income classification is attributed to the country’s economic recovery in 2023, with real GDP growing by 5.3% after a substantial decline of 28.8% in 2022. This economic rebound occurred despite a significant population decrease of over 15% due to the full-scale invasion by Russia.
The elevation of Ukraine to the upper-middle-income category underscores its economic potential and resilience in the face of severe challenges. It highlights the country’s ability to improve the well-being of its citizens and continue on a path of sustainable development.
Source: World bank.
