Aside from Indonesia, a lot of countries have seen their GNI per capita decline as result of the global health crisis, and Iran, Belize and Samoa have also been relegated to the lower-middle income group.(File pic shows crowded Indonesian capital, Jakarta. - Reuters)
ON July 1, the World Bank downgraded Indonesia to the lower-middle income category, which actually comes as no surprise despite the fuss and public disappointment over it.
Indonesia had just ascended to the upper-middle income category last July when its gross national income (GNI) per capita crossed the threshold by a mere US$50 (RM211.50).
Within months, the impacts the Covid-19 pandemic reared their ugly head as the Indonesian economy contracted 2.07% and its GNI per capita dropped to US$3,870 (RM16,370). As a result, the country fell back to its previous ranking.
The pandemic has indiscriminately affected nations. Aside from Indonesia, a lot of countries have seen their GNI per capita decline as result of the global health crisis, and Iran, Belize and Samoa have also been relegated to the lower-middle income group.
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