PRAIA, July 1 (Xinhua) -- The World Bank has reclassified Cape Verde from a lower-middle-income country to an upper-middle-income country, reflecting an increase in per capita income, the institution said in a statement on Monday.
"Effective July 1, 2025, Cape Verde will be classified as an upper-middle-income country, based on the criteria established by the World Bank Group," the statement said.
According to the World Bank, the reclassification reflects a 16.8-percent increase in the country's gross national income (GNI) per capita between 2023 and 2024, driven by a real GDP growth rate of 7.3 percent in 2024, mainly fueled by the tourism sector.
Lower domestic inflation and a downward revision of the national population, with a 12.8-percent decrease based on United Nations data, also contributed to the calculations, directly influencing the per capita GNI, the statement added.
