World Bank Classifies Laos as Lower-Middle-Income Economy for 2020

The World Bank has classified Laos as a lower-middle-income economy in its latest classification for the 2020 fiscal year.

The bank classifies the world’s economies into four income groups, namely high, upper-middle, lower-middle, and low, based on Gross National Income (GNI) per capita in U.S. dollars.

Lower middle-income economies are those with a GNI per capita between USD 1,026 and USD 3,995.

The World Bank decides such classifications by two factors: a country’s GNI per capita and classification threshold.

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Taejun Kang