Oman among high-income Arab countries: World Bank

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The World Bank ranked Oman among the high-income Arab countries, along with the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait.

The new classification of the economies of countries around the world, published by CNN, the World Bank assigns the world’s economies to four income groups, low, (less than 1,085 dollars annually), lower-middle (1,086 dollars – 4,255 dollars), upper-middle ($4,256 – $13,205) and high-income (more than $13,205).

The rankings are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e.2020 in this case).

Most of the Arab countries came in the lower middle income category, such as Morocco, Egypt, Lebanon, Mauritania, Comoros, Tunisia, Algeria, Djibouti and the Palestinian territories. Syria, Yemen, Sudan, and Somalia are in the low-income category.

Official World Bank estimates of the size of economies are based on GNI converted into current US dollars using the World Bank’s Atlas method. This method smooths exchange rate fluctuations by using a three-year moving average and a rate-adjusted conversion factor.

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