Middle-income country
A middle-income country (MIC) is a nation with a moderate level of economic development, often characterized by a Gross National Income (GNI) per capita falling within a specific range. The World Bank classifies countries into income groups based on their GNI per capita, and as of my last knowledge update in January 2022, the classifications are as follows:
Low-income country (LICs): GNI per capita of $1,045 or less.
Lower-middle-income countries (LMCs): GNI per capita between $1,046 and $4,095.
Upper-middle-income countries (UMCs): GNI per capita between $4,096 and $12,695.see High-income country
High-income countries (HICs): GNI per capita of $12,696 or more. Middle-income countries fall into the lower-middle-income and upper-middle-income categories. They often exhibit characteristics intermediate between those of low-income and high-income nations. They may have a growing and diversifying economy, an expanding middle class, and improving living standards. However, they may still face challenges related to inequality, infrastructure, education, healthcare, and other aspects of development.
It's important to note that the specific income thresholds defining these categories can change annually due to factors like inflation and exchange rate fluctuations. Additionally, different organizations may use slightly different criteria for classification. Middle-income countries play a crucial role in the global economy and contribute to the diversity of development experiences worldwide. Examples of middle-income countries include China, Brazil, Russia, South Africa, Mexico, and Turkey.