As per the recent World Bank country classifications based on income level for 2022-2023, Sarawak has reached a noteworthy milestone by attaining high income status.
This designation is supported by Sarawak’s gross national income (GNI) per capita exceeding US$13,205. World Bank Lead Economist Malaysia, Apurva Sanghi, shared on Twitter that the latest data released on July 1, 2023 confirms Sarawak’s achievement of high income state status.
The World Bank Assigns The World's Economies To Four Income Groups
The World Bank categorizes global economies into four income groups, namely low income, lower-middle income, upper-middle income, and high income. These classifications are revised annually on July 1, taking into account the gross national income (GNI) per capita, measured in USD, of the preceding year, which in this case is 2021.