Sri Lanka Upgraded to Upper-Middle-Income Status - World Bank

COLOMBO (News 1st) - Sri Lanka has officially been upgraded to an upper-middle-income economy in the World Bank Group’s newest country income classification update. 

The World Bank has four country income classifications: High, Upper Middle, Lower Middle, and Low

The milestone serves as a symbolic marker of the nation's economic rebound following its recent financial crisis.

The new classification, announced today by the World Bank’s Development Data Group, relies on gross national income (GNI) per capita estimates and will be valid through June 2027.

This upgrade arrives a mere three years after Sri Lanka's 2022 economic crisis, a period during which the nation battled intense financial instability, severe shortages of foreign currency, and a major slowdown in economic growth.