Sri Lanka has been downgraded by the World Bank to a lower middle income country from an upper middle income one in their latest country classification by income levels released on July 1.
Sri Lanka was upgraded to an upper middle income country exactly a year ago.
Sri Lanka’s per capita GNI has declined to US 4, 020 by July 1, 2020 from US $ 4, 060 a year earlier.
The World Bank said the latest income classifications use the GNI of the previous year (2019). Thus the GNI numbers that are used for this year’s classification do not yet reflect the impact of COVID-19.
The World Bank classifies countries based on GNI per capita in four categories includes low income ($1,035), lower-middle income ($1,036 – $4,045), upper middle income ($4,046 – $12,535 ) and high income (> $12,535).