02
Jul
Justicia Shipena Namibia has been downgraded from an upper-middle-income to a lower-middle-income country, according to the World Bank’s latest income classification update released this week. Namibia is the only country whose classification moved downward in the 2024 update. The downgrade follows changes in Gross National Income (GNI) per capita, which the World Bank uses to group countries into four categories, low, lower-middle, upper-middle, and high income. Every year on July 1, the World Bank makes these updates using the previous year's GNI data and the Atlas method, which smooths exchange rate fluctuations. The World Bank said Namibia’s GNI per capita…
