Russia among the highest-income countries in the world, and Palestine enters the list of the lowest-income countries in the World Bank report 2024

United States – The World Bank issued a financial report for the year 2024 on Monday, showing that Russia is among the highest-income countries in the world, while Palestine entered the list of the lowest-income countries after its GDP decreased by 9.2%.

According to the bank’s report, three countries moved from the upper-middle income category to the high-income category this year.

The bank attributed Russia’s move to the upper middle-income group to increased defense spending, as well as a recovery in activity in trade, the financial sector, and the construction industry.

Bulgaria and Palau also joined the list of high-income countries, in addition, Ukraine, Algeria, Mongolia and Iran improved their position and moved from the lower-middle-income category to the “upper-middle-income countries” category.

In Ukraine, in particular, per capita GNI rose to $5,070 from $4,270, thanks to renewed economic growth and continued population decline.

The only country in the World Bank’s ranking whose income level declined is Palestine, with a 9.2% decline in its GDP.

At the end of May, the World Bank updated the data on purchasing power parity indicators, and according to them, the Russian economy became the fourth in the world in 2021.

Over the next two years, Moscow maintained these positions, with Russia’s share of global GDP reaching 3.8%, ahead of Japan’s 3.7% and Germany’s 3.4%.

In 2023, Russia’s per capita gross national income rose to $14,250, and in 2022, this figure reached $12,830.

Source: Novosti