The World Bank has placed Lebanon in the annual classification of a "lower middle income country", after it was a "higher middle income country" about 25 years ago. The World Bank classifies the world's economies into four income groups: low, lower average, upper middle, and high income.
Rankings are updated each year on July 1, and are based on the previous year's GNI per capita (2021), measures of GNI are expressed in US dollars, and are determined using the Atlas-derived conversion factors.
According to the World Bank classification, for the eleventh year in a row, the real GDP per capita in Lebanon declined in 2021, and the country also experienced a sharp depreciation in the exchange rate. The per capita gross national income, according to the World Bank schedules for 2021, amounted to about 3,450 dollars, after it was 5510 dollars in 2020.
For two years, Lebanon has been suffering from the worst economic crisis in its history, with the collapse of its local currency, with more than half of its population living below the poverty line.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
