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KUCHING, July 6: Sarawak has attained high income status according to the new World Bank country classifications by income level for 2022-2023, with a gross national income (GNI) per capita exceeding US$13,205.
According to a news report from the New Straits Times, World Bank Lead Economist Malaysia Apurva Sanghi recently shared on Twitter that the World Bank’s latest high income data, released on July 1, 2023, indicates that Sarawak has attained high income state status.
The World Bank categorises the economies of the world into four income groups: low, lower-middle, upper-middle, and high income. The classifications are updated annually on July 1st and are determined by the GNI per capita, which is measured in USD, of the previous year (2021).
The current income classifications are as follows: low income refers to incomes below US$1,085, lower middle income ranges from US$1,089 to US$4,255, upper middle income ranges from US$4,256 to US$13,205, and high income refers to incomes exceeding US$13,205.
Based on a chart shared in a tweet by Apurva, Sarawak has joined the ranks of Penang, as well as the federal territories of Labuan and Kuala Lumpur.
The news report mentioned that Malaysia has been in the upper middle income level since the late 1980s.
The classification tables consist of World Bank member countries, as well as other economies with populations exceeding 30,000. — DayakDaily
