What are middle-income countries?
Middle-income countries (MICs) are those whose incomes per capita lie between the levels used to define low- and high- income countries, with thresholds established by the World Bank. As of 1 July 2023, the group comprises 108 countries with a gross national income per capita of between $1,136 and $13,845. Together, MICs account for about 30 per cent of global GDP and make up 75 per cent of the world?s population, including 60 per cent of the world?s poor.
The MICs classification overlaps with other country groupings. Currently, 22 least developed countries, 20 landlocked developing countries and 27 small island developing States are also classed as MICs.…
UN DESA Policy Brief No. 155: Accelerating middle-income countries? progress towards sustainable development
Prospects for a robust global recovery remain dim
Global growth remains subdued
The world economy is facing severe headwinds amid weak growth prospects, elevated inflation and heightened uncertainties. A confluence of factors, including legacy effects of the COVID-19 pandemic, the protracted war in Ukraine, the ever-worsening impacts of climate change, and rapidly shifting macroeconomic conditions, are weighing on the global outlook. Stubbornly high inflation in both developed and developing countries has prompted the most aggressive interest rate hike cycle in decades, causing financial conditions to tighten and exacerbating debt vulnerabilities. While economic prospects remain subdued,…
Amid multiple global crises, risk of prolonged period of low growth looms large
Full Report: English
Key Messages: English
Press Release: English
Prospects for a robust global economic recovery remain dim amid stubborn inflation, rising interest rates and heightened uncertainties. Instead, the world economy faces the risk of a prolonged period of low growth as the lingering effects of the COVID-19 pandemic, the ever-worsening impact of climate change and macroeconomic structural challenges remain unaddressed, according to the World Economic Situation and Prospects as of mid-2023 released today. According to the report, the world economy is now projected to grow by 2.3 per cent in…
World Economic Situation and Prospects as of mid-2023
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