World Bank Raises Indonesia as “Upper Middle Income Country”

JAKARTA, KOMPAS.com – Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan stated that the World Bank has upgraded the status of Indonesia from a lower middle income country (lower middle income) to an upper middle income (upper middle income).

For the increased status, Luhut claimed to be surprised. Moreover, that status is propped up against Indonesia during the corona virus pandemic (Covid-19).

“I would also like to share good news for us that Indonesia was announced by World Bank has risen from lower middle income country, Becomes upper middle income country, “he said in the launching of the Proudly Made Virtual Campaign in Indonesia, Wednesday (1/7/2020).

“I was also quite surprised to see this, because it was announced during the current situation,” he said.

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Previously, Minister of Finance Sri Mulyani Indrawati revealed that Indonesia needed 23 years to be included in the middle to upper income countries category from the lower middle income countries category.

The State Treasurer also compared the time it took for Indonesia to other equivalent countries to reach that status.

Brazil for example, to be able to reach the status of a middle to upper income country takes 25 years. While Malaysia takes 22 years to achieve this status.

As for Mexico, it took 28 years to switch from middle to lower middle income to upper middle income countries.

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