This has never happened before in history: World Bank grants Ukraine a new status due to citizens' incomes

Incomes in Ukraine are higher than the global average
Incomes in Ukraine are higher than the global average. Source: Pexels / EVG Kowalievska

The Ukrainian economy has not only withstood the blow of full-scale Russian aggression but is also gradually recovering. In this regard, for the first time since its independence, Ukraine has been included in the list of countries with above-average incomes.

This was reported by the World Bank. According to the organization's estimates, the level of gross national income (GNI) per capita in Ukraine in 2023 amounted to $5,070, a historic high for the country.

Ukraine has been moved to the list of upper middle-income countries

According to the World Bank's methodology, to be classified as an upper-middle-income country, a GNI of at least $4516 is required. A year ago, the gross national income was $4280.

The World Bank attributed the increase in gross national income in Ukraine to the resumption of economic growth in 2023, as a result of which real GDP in the country grew by 5.3% after falling by 28.8% a year earlier. The ongoing decline in the country's population also had an impact: the World Bank estimates that Ukraine's population has fallen by more than 15% since the start of the full-scale Russian invasion.

Despite the significant blow to the Ukrainian economy caused by the Kremlin regime's aggression, real growth in 2023 was driven by a revival in the construction market (+24.6%), which increased investment spending by 52.9%.

In addition to Ukraine, Algeria, Iran, and Mongolia also moved from the category of countries with lower middle income to the higher category. The only country that "moved down" in the classification was Palestine – due to the ongoing Israeli military operation, the West Bank and Gaza Strip moved from the list of countries with upper middle income to the list of countries with lower middle income.

At the same time, OBOZ.UA reported that the Ukrainian economy is slowing down. In January-April 2024, gross domestic product (GDP) grew by 4.4%. The trend is associated with problems in the energy sector, the expansion of the frontline, and the exhaustion of a high comparative base.

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