World Bank Now Classifies Indonesia as an Upper Middle-Income Country

According to the World Bank’s most recent country classifications by income level, published on the 1st of July 2020, Indonesia has now surpassed the threshold to be classified as an upper middle-income country. This classification is based on its Gross National Income (GNI), where Indonesia’s GNI per capita rose to USD 4,050 in 2019 from USD 3,840 in 2018.

In a statement on the 2nd of July 2020, Indonesia’s Ministry of Finance noted that the upgrade from the World Bank reiterates Indonesia resilience and stability in economic growth over the last few years. In the last fifteen years, Indonesia’s middle class population has grown to 20% (52 million Indonesians) from 7% of the population, according...