For the first time since 1987, the World Bank called Ukraine a country with higher than average incomes

The World Bank transferred Ukraine from the category of countries with lower than average incomes to the category of higher than average incomes.

This is stated on the website of the World Bank.

This is the first time since 1987 that Ukraine has moved to a higher than average level.

The bank estimated the average income of Ukrainians in 2023 at $5 070 per capita. In 2022, this figure was $4 270.

Ukraineʼs rise in ranking was the result of a resumption of economic growth in 2023 (real GDP increased by 5.3% after a 28.8% drop in 2022) along with a population decline of more than 15% since the beginning of the Russian invasion.

In addition, the prices of domestically produced goods and services increased, which led to a significant increase in nominal gross national income (GNI) per capita.

"While Ukraineʼs economy was significantly affected by the Russian invasion, real growth in 2023 was driven by construction activity (24.6%), reflecting a significant increase in investment spending (52.9%) supporting Ukraineʼs efforts to rebuild from the ongoing destruction," says the release.

The World Bank divides the worldʼs economies into four income groups: low, lower than average, higher than average, and high.

The classifications are updated every year on July 1, taking into account the gross national income (GNI) per capita for the previous calendar year.