World Bank Classification: Cameroon Maintains Position
Cameroon has maintained its position as a lower-middle income economy according to the World Bank’s classification.
New @WorldBank country income classifications are out. These classifications are based on GNI per capita in current USD of 2019. Since it’s last year’s data, it’s a good estimate of what the world looked like before #COVID19. https://t.co/GqrohPeiDl pic.twitter.com/BEpcRGUD8Y
— World Bank (@WorldBank) July 2, 2020
The classification which was made public on July 1, 2020 shows that seven countries have moved to a higher category (including three African countries).
On the other hand, three countries have moved to a lower category (two African countries included).
About the World Bank Classification
The World Bank assigns the world’s economies to four income groups namely: low, lower-middle, upper-middle, and high-income countries.
The classifications are based on GNI per capita in US Dollars of the previous year (in this case, 2019) and updated every July 1. Therefore, this year’s figures do not yet reflect the impact of COVID-19.
Lending Status
Cameroon has also maintained its lending status with the World Bank.
Cameroon falls under the Blend lending group.
It is worth indicating that the World Bank has classified countries under three lending groups: IDA, Blend and IBRD.
Eleanor Ayuketah Ngochi