Vietnam, Philippines Upgraded to Upper-Middle Income Status

The World Bank has elevated Vietnam and the Philippines to upper-middle-income status—but now they face 'a far more demanding phase of development'

Both countries must now escape the middle income trap that has stalled several of their Southeast Asian peers.

Sri Lanka, Vietnam upgraded to 'upper-middle income' status

Vietnam and the Philippines have officially joined the upper-middle income bracket, a significant upgrade by the World Bank following years of robust economic growth. This achievement highlights their broad-based expansion across industries, not just a single sector. With this reclassification, all major Southeast Asian economies now reside in this higher income tier, signaling increased investor appeal and a positive economic trajectory for the…

Vietnam, Philippines upgraded to upper-middle income status

A general view of Hanoi as Vietnam’s capital expands both outwards and upwards.  (EPA Images pic) MANILA: The World Bank has elevated Vietnam and the Philippines to upper-middle income status after years of brisk of economic expansion, potentially bolstering investor confidence in the two nations. All five of the major Southeast Asian economies — which include Singapore, Malaysia and Thailand — are now at the upper-middle income tier and above, …

Vietnam, Philippines raised to World Bank’s upper-middle-income status

All five major South-east Asian economies, including Singapore, Malaysia and Thailand, are in the same tier and above. Read more at straitstimes.com.

Upper middle income country, what?

Ordinary Filipinos raised their eyebrows upon hearing the announcement that the Philippines has been classified as an upper middle income country. According to the World Bank, the rating was based on the country’s gross national income (GNI). An upper middle income country has to reach GNI per capita of between $4,496 and $13,935. In 2024, the Philippines GNI per capita stood at $4,470. What does this really mean? Economists describe GNI as enco…

Vietnam, Philippines upgraded to upper-middle-income status by World Bank

The World Bank has upgraded Vietnam and the Philippines to upper-middle-income status following years of strong economic growth, a move that could boost investor confidence in both countries. Vietnam had been classified as a lower-middle-income economy since 2009, while the Philippines had remained in that category since the late 1980s. The World Bank attributed Vietnam’s upgrade to its export-led growth model and the Philippines’ broad-based ex…