Mon. Jul 15th, 2024

For the first time, Ukraine is in the ranking of countries with an income per capita above the average level

Natasha Kumar By Natasha Kumar Jul4,2024

Ukraine is first in the ranking of countries with an income per capita above the average level< /p> Ukraine managed to get into this rating for the first time/pch.vector

For the first time in its history, Ukraine entered the list of countries with an income per capita above the average level, according to the World Bank.< /p>

This was made possible by economic growth in 2023 (real GDP grew by 5.3% after falling by 28.8% in 2022) and a population decline of more than 15% due to a full-scale invasion of Russia. This is evidenced by World Bank data, writes Liga Net.

The increase in prices for goods and services in Ukraine additionally contributed to an increase in the nominal gross national income per capita by 18.5% (according to the Atlas method). The World Bank notes that the Ukrainian economy suffered significant losses due to the war, and real growth in 2023 was due to activity in the construction industry (24.6%) and a significant increase in investment spending (52.9%) for the country's recovery.

Gross national income (GNI)is the sum of value added created by resident producers, plus taxes on products (net of subsidies) and net receipts of primary income (wages and property income) from abroad. GNI is calculated in national currency, but the World Bank converts it to dollars using a special Atlas method to smooth out price and exchange rate fluctuations.

During most of the period of independence, Ukraine had the status of a country with incomes below the middle level in the World Bank rating, and in 1999-2001 it was even in the category of low-income countries.

Ukraine is first in the ranking of countries with an income per capita exceeding the average level

This was facilitated by economic growth in 2023/Photo by Drazen Zigic

As of 2024, the income categories according to the level of GNI per capita from the World Bank look like this:

→ countries low-income: $1,145 and below;
→ lower-middle-income countries: $1,136 – $4,515;
→ upper-middle-income countries: $4,516 – $14,005;
→ high-income countries income: $14,006 and above.

For Ukraine, this indicator is $5,070.

Equatorial Guinea and Tonga became Ukraine's neighbors in the ranking.

< p>The World Bank uses statistical data not only from Ukraine, but also from the UN and Russia, which occupied Sevastopol, Crimea and parts of Donetsk, Zaporizhzhia, Luhansk and Kherson regions.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my 1-800-268-7116

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