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Jakarta Post

Indonesia into upper-middle income group

  • Dharendra Wardhana

Jakarta   /   Mon, April 15 2019   /  01:35 am

The World Bank analytically divides the world’s economies into four income groups: high, upper-middle, lower-middle and low. Countries that are categorized as upper-middle income are the ones with income per capita ranging from US$3,896 to $12,055.With income per capita at $3,846 as of 2017, Indonesia is moving closer to attain upper-middle income country (UMIC) status and is expected to join the group in less than five years. This new status would convey a discerning signal that Indonesia manages to gradually develop. Indonesia has been in the lower-middle income country (LMIC) group since 2003. Previously, between 1998 to 2002, Indonesia had been relegated to the low income country (LIC) group after joining the LMIC group for the first time since 1993. In total, Indonesia has had LMIC status for 21 years.The forecast seems to convey positive prospects. With the current growth rate, I...