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Bishkek (AKIpress) - The Kyrgyz Republic has been re-classified from a low income country to a lower-middle income country, according to the 2014 Income Classifications released in July 2014 by the Bank’s Office of Development Economics and Chief Economist. The World Bank updated the analytical country classification, which groups economies of the world into four categories based on 2013 gross national income (GNI) per capita estimates: low income, lower-middle income, upper-middle income, and high income.
As of 1 July 2014, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,045 or less in 2013; middle-income economies are those with a GNI per capita of more than $1,045 but less than $12,746; high-income economies are those with a GNI per capita of $12,746 or more. Lower-middle-income and upper-middle-income economies are separated at a GNI per capita of $4,125.
The Kyrgyz Republic’s GNI per capita for 2013 is estimated at US $1,200, increasing from US$ 1,040 in 2012.
The World Bank revises analytical classification of the world’s economies each year on July 1 based on estimates of per capita for the previous calendar year. The classification tables include all World Bank members, plus all other economies with populations of more than 30,000. The updated description of the classification methodology can be found here.
GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies.
Ranking tables showing 2013 GNI, GNI per capita, gross domestic product (GDP), GDP at purchasing power parity per capita, and population data are available on the World Bank’s Open Data Catalog website.
The World Bank’s overall mission in the Kyrgyz Republic is to reduce poverty, promote economic growth and shared prosperity. 45 percent of the World Bank’s assistance to the Kyrgyz Republic is in the form of grants. The other 55 percent is in highly concessional credits with no interest, and only a 0.75 percent service charge. Credits are repayable in 38 years, including a 6-year grace period, while grants require no repayment. The Bank’s financial assistance to the Kyrgyz Republic since 1992 amounts to over US$1 billion, in the form of grants and highly concessional credits.