As countries reach middle income status, they encounter ‘second generation’ or ‘frontier’ reform challenges that reflect the more advanced stage of their development. Working with MICs to Meet Second-generation Development ChallengesĪt the same time, MICs have unfinished development agendas and risk being “trapped” in middle income status if they do not further their own economic, social, and structural transformation.
The World Bank is deepening its efforts to partner with MICs at the country, regional, and global levels to address these and other issues. Inclusive and sustainable growth and development in middle income countries provides positive spillovers to the rest of the world in terms of poverty reduction, international financial stability, and cross-border global issues, such as climate change, energy, food and water security, and international trade. The World Bank is working with MICs in their roles as global actors and development partners, supporting middle income countries in their leadership roles in international fora, such as the G20 and APEC as development partners and as key shareholders of the World Bank.
#CLASS BY INCOME DRIVERS#
Middle income countries are critical drivers of the world economy, with knowledge and resources to share. Other MICs have ceased borrowing from the World Bank altogether and solely access the World Bank’s knowledge and advisory services, in many instances on a reimbursable basis, to meet ongoing challenges and in support of implementation of a country’s own-financed programs. In other MICs, World Bank lending is decreasing while demand for knowledge and advisory services to meet development challenges is increasing. In some MICs, the World Bank continues to have a substantial lending program in support of the country’s development goals. Middle Income Countries (MICs) are extremely diverse with differing development needs, and the World Bank works with them in their roles as clients, shareholders, and global actors to meet these needs. The World Bank provides increasingly tailored services-financial products (loans, guarantees, risk management products) and knowledge and advisory services (including on a reimbursable basis)-to support MICs in their global roles, to address their second-generation reform challenges, and to facilitate knowledge exchange and South-South cooperation. The World Bank Group continues to evolve its partnership with MICs, working with them simultaneously as clients, shareholders, and global actors. At the same time, MICs represent about one third of global GDP and are major engines of global growth. They are defined as lower middle-income economies - those with a GNI per capita between $1,036 and $4,045 and upper middle-income economies - those with a GNI per capita between $4,046 and $12,535 ( 2021). Middle income countries are home to 75% of the world’s population and 62% of the world’s poor. The world’s Middle Income Countries (MICs) are a diverse group by size, population, and income level.
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