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Tanzania, Benin, Mauritius move up World Bank income rankings

Tanzania, Benin, Mauritius move up World Bank income rankings


<p>The World Bank on Wednesday classified Mauritius as a High Income country while Tanzania and Benin are now considered Lower-middle income countries, classifications that are being celebrated in these African economies.</p> <p>Tanzania’s president John Pombe Magufuli shared the news on social media, highlighting the fact that the feat has been achieved five years earlier than projected.</p> <p>“Today, the World Bank has declared Tanzania Middle Income Country…We had envisaged to achieve this status by 2025 but, with strong determination, this has been possible in 2020,” Magufuli tweeted.</p> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today, the World Bank has declared Tanzania Middle Income Country. In this regard, I congratulate all my compatriots for this historic achievement. We had envisaged to achieve this status by 2025 but,with strong determination, this has been possible in 2020. <span class="caps">GOD</span> <span class="caps">BLESS</span> <span class="caps">TANZANIA</span>.</p>— Dr John Magufuli (@MagufuliJP) <a href="https://twitter.com/MagufuliJP/status/1278359980018733057?ref_src=twsrc%5Etfw">July 1, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> <p>According to the World Bank data, Tanzania’s Gross National Income (<span class="caps">GNI</span>) per capita as of July 1, 2020 is $1,080 up from $1,020 in 2019. Benin’s <span class="caps">GNI</span> per capita is $1,250 while Mauritius is now at $12,740. (The <span class="caps">GNI</span> per capita is the dollar value of a country’s final income in a year, divided by its population.)</p> <p>“In each country, factors such as economic growth, inflation, exchange rates, and population growth influence <span class="caps">GNI</span> per capita. Revisions to national accounts methods and data can also influence <span class="caps">GNI</span> per capita,” read part of the <a href="https://blogs.worldbank.org/opendata/new-world-bank-country-classifications-income-level-2020-2021">World Bank statement</a> explaining the changes in classifications.</p> <p>“National accounts revisions have played a significant role in the upward revision for Benin, Nauru and Tanzania.”</p> <p>Sudan and Algeria however had their fortunes reversed as they were moved to lower categories. Sudan which was classified as a lower-middle income country in 2019 is now a low income country, while Algeria moved from upper-middle income to lower-middle income.</p> <p>“For Sudan, the <span class="caps">GNI</span> series for 2009-2018 has been revised as a result of revisions to the exchange rates. The 2018 <span class="caps">GNI</span> per capita figure has been revised down to $840 from the previously published figure of $1,560,” the World Bank explained.</p> “Algeria, Indonesia, Mauritius, Nepal, Sri Lanka and Romania were very close to the respective thresholds last year.” <p>The bank also explained that because the classifications use the <span class="caps">GNI</span> of the previous year, the data used does not reflect the impact of the ongoing coronavirus pandemic.</p>