The World Bank on Wednesday classified Mauritius as a High Income country while Tanzania and Benin are now considered Lower-middle income countries, classifications that are being celebrated in Africa.
President of Tanzania Pombe Magufuli shared the news on social media, highlighting the fact that the feat has been achieved five years earlier than projected.
“Today, the World Bank has declared Tanzania Middle Income Country…We had envisaged to achieve this status by 2025 but, with strong determination, this has been possible in 2020,” tweeted Magufuli.
According to data from the World Bank, Tanzania’s Gross National Income (GNI) per capita as of July 1, 2020 is $1.080 from $1.020 in 2019, while Benin is at $1,250 and Mauritius at $12,740. (The GNI per capita is the dollar value of a country’s final income in a year, divided by its population.)
“In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita. Revisions to national accounts methods and data can also influence GNI per capita,” said the World Bank in a statement explaining the changes in classification.
“National accounts revisions have played a significant role in the upward revision for Benin, Nauru and Tanzania,” added the World Bank.