Romania fails to be officially recognized as a developed country

Romania has failed in officially being recognized as part of the “high income” world this year, as its gross national income (GNI) per capita in 2018 was slightly below the threshold set by the Word Bank for this status. However, there are still major differences in terms of development between Romania and the Western world, says Business-Review.eu.

According to the latest thresholds determined in July 2019 by the World Bank, low-income economies (a politically correct name for “the third world”) are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of USD 1,025 or less in 2018, lower middle-income economies – between USD 1,026 and USD 3,995, upper middle-income economies – between USD 3,996 and USD 12,375, and high-income economies – USD 12,376 or more.

In 2018, following an economic growth rate of 4.1 percent, Romania’s gross domestic product (GDP) reached a level of RON 944.2 billion, the equivalent of EUR 202.9 billion (around EUR 10,400 per capita) or USD 239.6 billion (USD 12,301 per capita), according to World Bank official data.

For the year 2019, IMF forecasts a level of GDP of RON 1,012 billion, the equivalent of USD 244.2 billion – or around USD 12,500 per capita.

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