Cabo Verde reclassified as an upper-middle income country by the World Bank

Praia, Jul 2 (Inforpress) - Cabo Verde joined the group of upper-middle-income countries on 1 July, following a 16.8% increase in Gross National Income per capita between 2023 and 2024, the World Bank announced in a statement.

According to the criteria of the World Bank Group (WBG), this economic advance is underpinned by real growth of 7.3 per cent (%) in 2024, driven above all by the dynamism of sectors linked to tourism, as well as by the reduction in the Gross Domestic Product (GDP) deflator, which fell from 4.1 per cent to 1.7 per cent, reflecting an environment of lower domestic inflation.

The WB's information note also states that the downward revision of the national population by around 12.8 per cent, according to United Nations data, had a direct impact on the calculation of GNI per capita

This new classification is described as a historic milestone, which highlights Cabo Verde's development path over the last 50 years and this international recognition highlights the results of decades of consistent public policies, institutional stability and commitment to sustainable development.

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