Armenia has been included in the list of upper-middle-income countries in the updated World Bank income level rankings for 2024-2025, based on the results of 2023.
The World Bank classifies global economies into four categories: low, lower-middle, upper-middle, and high income. This classification is based on gross national income (GNI) per capita and reflects the level of a country’s development.
According to the study, in 2023, only Bulgaria, Palau, and Russia moved from the upper-middle-income category to the high-income category. At the same time, four countries—Algeria, Iran, Mongolia, and Ukraine—transitioned from the lower-middle-income to the upper-middle-income category.
The report also highlights that Iran's economy grew by 5.0% in 2023 due to oil exports and the growth of the services and manufacturing sectors. As a result, the country's GNI increased by 39.5%, which, along with the depreciation of the Iranian rial, led to a 17.6% rise in GNI per capita.
