The World Bank upgrade Russia’s per capita gross national income (GNI) is expected to reach $14,250 in 2023, moving from the “upper-middle-income” category to the “high-income” category.
“Russia’s economic activity was affected by a significant increase in military-related activity in 2023,” the international financial institution said on Monday.
According to the US-based organisation, Russia’s rise in the ranking was also boosted by growth in trade (+6.8%), the financial sector (+8.7%) and the construction sector (+6.6%).
“These factors led to an increase in both real GDP (3.6 percent) and nominal GDP (10.9 percent), and an increase in Russia’s atlas GNI per capita of 11.2 percent,” the report said.
The world economy is divided into four groups based on GNI per capita in US dollars. The World Bank’s classification of “high-income” countries for 2024-25 has raised the threshold to $14,005 or more.
Bulgaria and Palau, with per capita GNI of $14,460 and $14,250, respectively, followed Russia as “high-income economies.”
Nominally Russia Rank GNI per capita ranks 72nd, purchasing power parity ranks 53rd.
Ukraine, which has been battling an all-out Russian invasion since 2022, has been promoted from a “lower middle-income” to an “upper middle-income” country in 2023 as economic growth resumed, the World Bank said.