Colombo (News 1st): Sri Lanka has moved up to the upper-middle-income category from lower-middle-income category under the World Bank’s new country classification by income level. As of July 1, 2019, under the new revision, Sri Lanka’s Gross National Income (GNI) per capita is US$4,060, up from US$ 3,840 reported a year earlier.

In March this year, the World Bank reported that it recognized Sri Lanka as a lower-middle-income country with a per capita GDP of US$ 4,073 (2017). The World Bank bases this on Gross National Income (GNI) per capita calculated using the World Bank’s Atlas method.

New thresholds are determined at the start of the World Bank’s fiscal year in July and remain fixed for 12 months regardless of subsequent revisions to estimates. It should, however, be noted that according to the Central Bank of Sri Lanka, the Gross National Income per capita at current market price (US$) (h) stood at US$ 3,991 as at the end of 2018 and US$ 3,996 as at the end of 2017.

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