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On Monday, the World Bank upgraded Palau from an upper-middle-income country to a high-income country. The World Bank also upgraded Russia from an upper-middle-income country to a high-income country.
In its report, Palau’s upgrade was due to “ After the epidemic, India’s economy began to recover, with GDP returning to its previous level and a real growth of 0.4%. The inflation rate (measured by the GDP deflator) was 8.1%, and nominal GNI increased by 10.0%.
Palau has been upgraded to a high-income country along with Russia and Bulgaria.
High-income countries are often used interchangeably with the term “first world”, the same category as the United States and the United Kingdom
The World Bank defines high-income economies as countries with a gross national income per capita of $13,845 or more.
Tourism is Palau’s largest economic driver, accounting for about 40% of GDP. According to the U.S. State Department, Palau’s GDP in 2021 was $257 million, with a per capita income of about $14,243.
The government is the country’s largest employer, and Palau’s minimum wage was recently increased.
Former President Tommy Remenegsau had previously said Palau was wrongly categorized as a high-income country, hindering economic assistance from international donors.
Many Palau citizens do not identify with the high-income category because it does not reflect reality.
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