World Bank maintains Jamaica’s upper-middle-income country classification

Guyana continues to rank among Caribbean’s high-income economies

Durrant Pate/Contributor

Jamaica remains classified as an upper-middle-income economy in the World Bank’s latest annual income classification. 

Jamaica’s upper-middle-income grouping covers economies with Gross National Income (GNI) per capita between US$4,636 and US$14,375. The country is grouped with other upper-middle-income economies such as Belize, Cuba, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and Suriname.

Jamaica’s upper-middle-income classification reflects its more diversified economic base with tourism, services, remittances and mining remaining key contributors to national income. However, the ranking is based on 2025 income data and does not fully capture the economic fallout from Hurricane Melissa, which struck on October 28, 2025 and caused severe damage across the country.

Hurricane Melissa impact

The storm’s impact was significant with the World Bank and Inter-American Development Bank estimating physical damage at approximately US$8.8 billion. Jamaica’s Planning Institute later estimated total damage and losses at US$12.2 billion, underscoring the scale of the economic disruption that followed.

The updated rankings highlight the differing economic positions across the region, as rapid growth in some countries contrasts with more gradual progress in others. The update is published annually in July. 

The annual income country classification groups 218 economies based on prior-year GNI per capita using the Atlas method. The latest July 1, 2026, update features upgraded tiers for Sri Lanka, the Philippines, and Vietnam from lower-middle to upper-middle-income status.

Guyana’s ranking

The World Bank places Guyana in the high-income category, which includes economies with gross national income per capita of US$14,375 or more. Guyana’s classification places it alongside several Caribbean economies already ranked as high income, including Antigua and Barbuda, The Bahamas, Barbados, St. Kitts and Nevis, and Trinidad and Tobago.  

Guyana’s high-income status comes during a period of rapid economic expansion driven largely by its oil sector. Since offshore oil production began in 2019, the Caribbean/South American territory has recorded exceptional growth, strengthening national income and positioning it as one of the fastest-growing economies in the region.

The latest update showed no downward movements among the countries assessed. Six economies moved up in classification with Jordan, Micronesia, the Philippines, Sri Lanka and Viet Nam shifting from lower-middle income to upper-middle income, while Togo advanced from low income to lower-middle income. 

These changes reflect improvements in income levels, as well as adjustments in the thresholds used by the World Bank. The classifications are based on 2025 gross national income per capita data, measured in United States dollars using the World Bank’s Atlas methodology. 

Atlas methodology 

This approach smooths exchange rate fluctuations to reduce the effect of short-term volatility. The income thresholds are updated annually to account for inflation, while changes in economic growth, population size, national accounting practices and data revisions can also influence a country’s ranking.

While the income classifications provide a useful snapshot of national income levels, the World Bank cautions that they are broad indicators and do not fully reflect inequality, poverty, resilience or differences in living standards within countries. 

As a result, the rankings should be viewed as one measure of economic development rather than a complete assessment of economic well-being.

Country snapshot

• Jordan and Micronesia: Also advanced to the upper-middle-income tier.
• Togo: Moved upward from low-income to lower-middle-income.
• Guyana: Retained its high-income status (≥ $14,375).
• India: Remained classified as lower-middle-income.