A strong post-pandemic rebound has pushed Indonesia back into the upper-middle income band of countries, according to the World Bank, putting it back on track to pursue its high-income status goal.
Indonesia reclaimed the rank this year as gross national income per capita climbed to $4,580, based on the bank’s latest classifications. It’s an improvement from the previous reading of $4,140, which had kept it in the lower-middle income status for the second straight year in 2022.
“Indonesia continued its strong post pandemic recovery and real GDP increased 5.3%,” the World Bank noted. The nation’s 2022 gross domestic product expanded at its fastest pace in nine years.
Southeast Asia’s largest economy first gained the upper-middle income status in 2020, only to be downgraded the following year as it suffered one of the world’s worst coronavirus…
