Nepal Listed on the Lower-Middle Income Countries:
Nepal has upgraded from the list of lower-income countries to the list of lower-middle-income countries. According to the latest data released by the World Bank, Nepal is on the list of lower-middle-income countries.
According to the World Bank, the per capita income of Nepali has increased by 130 dollars compared to last year. In 2019, the per capita income of Nepali was 960 US dollars. According to the World Bank, the per capita income of Nepalese has reached USD 1,090 by July 1, 2020.
The World Bank has been classifying countries around the world as high, upper-middle, lower-middle, and lower-income countries. The government aims to make Nepal a middle-income country by 2030.
The per capita income has also increased in the same proportion after achieving the GDP growth rate (economic growth) of 8.2, 6.7, and 7 percent respectively in the last three fiscal years in Nepal.
The Maldives has the highest per capita income in South Asia:
Among the South Asian countries, Maldives has the highest per capita income. The per capita income for the Maldives in 2019 was 9,650, according to the World Bank.
The Maldives is the only upper-middle-income country in South Asia. Earlier, Sri Lanka was also a high middle-income country. But this year, Sri Lanka's per capita income has fallen to a lower-middle-income country.
Sri Lanka's per capita income last year was 40 4,060, this year it has shrunk to 20 4,020. Of the South Asian countries, only Afghanistan is now in the low-income group. Afghanistan's per capita income is only 540, according to the World Bank.
The World Bank has been categorizing countries around the world into four income categories: upper, upper-middle, lower-middle and lower. The World Bank has placed countries with a per capita income of up to US 1,035 in the lower-income group, and those with a per capita income above 4,045 in the lower-middle-income group. Those with a per capita income of country 4,046 to, 12,335 are categorized as upper-middle-class and those with higher incomes are classified as an upper-income class.
