World Bank Classifies Lebanon As A Lower Middle Income Country For First Time In 27 Years

The Arab Weekly

On July 1st, 2022, the World Bank issued its annual gross national income (GNI) per capita numbers, ranking Lebanon as a “Lower Middle Income Country” for the first time in 27 years.

Throughout the last 27 years, from 1995 to 2022, Lebanon was ranked as an “Upper Middle Income Country.” As many expected, however, this has changed with the collapse of the Lebanese economy and the Lebanese Lira.

According to the World Bank, the GNI per capita of Lebanon was $7,590 in 2018. This figure dropped to $5,510 in 2020, then to $3,450 in 2021.

This indicates a 55% decrease in the GNI per capita, which has been reflected in millions of Lebanese people living in poverty, as well as the Lebanese middle class being almost wiped out.

The two main factors behind this decrease are the sharp collapse of the value of the Lebanese Lira as well as high unemployment rates.

Related: ESCWA: 3/4 Of Lebanon’s Population Is Now Below The Poverty Line.

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