Dar es Salaam. The World Bank (WB) on July 1 declared Tanzania a low-middle income country for the first time since independence.
WB assigns economies to four income groups, the low, lower middle, upper middle and the high income countries.
The classification is updated each year on July 01, based on the Gross National Income (GNI) per capita – the total amount of money earned by a nation’s people and businesses divided by its population.
According to the Word Bank data Tanzania achieved this status after its GNI per capita increased to $1,080 in 2019. Low middle income countries have their GNI per capita ranging between $1,036 and $4,045.