The World Bank (WB) has raised Indonesia’s status from middle-income to upper-middle-income nations as of July 1, 2020. This was given after the country’s gross national income (GNI) per capita rose to US$4,050 in 2019 from the previous $3,840.
The World Bank classifies countries based on GNI per capita in four categories includes low income ($1,035), lower-middle income ($1,036 – $4,045), upper middle income ($4,046 – $12,535 ) and high income (> $12,535). “That’s proof of Indonesia’s economic resilience and sustainable growth that has always been maintained in recent years,” the finance ministry said in an official statement on Wednesday (July 1).
The government will push for a series of structural reform policies focused on economic competitiveness, such as human capital and productivity, the industrial capability to increase exports and reduce the current account deficit, and digital economy to encourage broad economic empowerment, the ministry added.