Antigua and Barbuda has been officially classified as a high-income economy by the World Bank, placing the twin-island nation among a select group of countries recognized for having relatively high levels of national income.
The designation appears in the World Bank’s latest Country Income Classification, released on July 1, and is based on each country’s Gross National Income (GNI) per capita for 2024, calculated using the World Bank’s Atlas Method.
To qualify as a high-income economy for the current classification, a country had to record a GNI per capita above US$14,375. Antigua and Barbuda exceeded that threshold with a GNI per capita of approximately US$21,380, according to World Bank data.
The achievement places Antigua and Barbuda among 87 high-income economies worldwide, alongside Caribbean nations including Barbados, Saint Kitts and Nevis, Trinidad and Tobago and The Bahamas.
The World Bank updates its income classifications annually on July 1, dividing economies into four categories: low, lower-middle, upper-middle and high income.
The classifications are intended primarily for analytical and statistical purposes and are based solely on GNI per capita rather than broader measures of economic development or quality of life.
Gross National Income measures the total income earned by a country’s residents and businesses, including income received from abroad, divided by the population to determine average income per person. The World Bank’s Atlas Method is used to reduce the effects of exchange-rate fluctuations and improve comparisons across countries.
The latest classification reflects Antigua and Barbuda’s continued economic recovery following the COVID-19 pandemic, supported by growth in tourism, construction, investment and related sectors.
Economists caution, however, that the high-income designation does not necessarily mean all citizens experience a high standard of living. The classification measures average national income and does not account for income inequality, poverty or differences in the cost of living.
Even so, the designation represents a significant international benchmark, recognizing Antigua and Barbuda’s economic performance and placing it among the world’s highest-income economies under the World Bank’s latest global assessment.
This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda Classified as High-Income Economy by World Bank.