Return to the Upper-Middle-Income Economy

03/08/2023
News

With a gross national income (GNI, simplified: income of residents) per capita of US$4,580, Indonesia has risen again to the upper-middle income economy. This term designates a so-called Lending Group of the World Bank as a rough measure of creditworthiness. The lower limit is US$ 4,465. In 2020, Indonesia was declared an upper-middle-income economy for the first time. The archipelago's per capita GNI had nominally increased sevenfold since the end of the Asian crisis at the turn of the millennium. In the corona crisis, Indonesia then fell back into the lower-middle-income economy category.

At the level of Malaysia and Thailand
Indonesia's neighbor Malaysia became an upper-middle-income economy as early as 1992, followed by Thailand in 2010. Vietnam and the Philippines are likely to follow suit in view of the high rates of economic growth in the coming years. The increase in prosperity among the member states of the Association of Southeast Asian Nations (ASEAN) over the past 20 years has been enormous. In comparison, only 7 out of 49 sub-Saharan countries have at least upper-middle-income economies. India's GNI per capita is half that of Indonesia. China, on the other hand, is on the verge of becoming a high-income economy with per capita GNI of US$12,850.

Source: GTAI

Return to the Upper-Middle-Income Economy

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