DHAKA: The World Bank (WB) has upgraded Bangladesh to a lower middle-income country from a lower-income country.

Apart from Bangladesh, three other countries --Kenya, Myanmar, and Tajikistan -- now become lower-middle income countries, joining those with annual incomes of $1,046 to $4,125, according to the latest data published by the WB Wednesday.

The data also showed that Mongolia and Paraguay move from lower middle-income status to upper middle-income, a group with yearly income levels of $4,126 to $12,735.

The World Bank’s latest estimates of Gross National Income per capita (GNI) continue to show improved economic performance in many low-income countries, with Bangladesh, Kenya, Myanmar, and Tajikistan.

Each year on July 1, the World Bank revises the income classification of the world's economies based on estimates of GNI per capita for the previous year. The World Bank also uses the updated GNI per capita estimates in its operational classification of economies that determines lending eligibility.

 “While we need to measure development progress in different ways, income-based measures, such as GNI, remain the central yardstick for assessing economic performance,” said Kaushik Basu, World Bank Chief Economist and Senior Vice President.

Bangladesh aspires to be a middle-income country by 2021. This will require increasing GDP growth to 7.5 to 8 percent per year based on accelerated export and remittance growth.

Bangladesh's per capita income rose to $1,314 in the fiscal year which ended on June 30, according to provisional figures of the government. It was $1,190 in 2013-14 and $1,154 in 2012-13.

BDST: 0842 HRS, JULY 02, 2015
RS