The World Bank yesterday upgraded Cabo Verde’s classification from a lower-middle-income to an upper-middle-income country, reflecting an increase in per capita income.
“As of July 1, 2025, Cabo Verde is now classified as an upper-middle-income country, according to the criteria established by the World Bank Group (WBG),” the institution stated in a press release, as cited by Lusa.
The reclassification reflects a 16.8% increase in Gross National Income (GNI) per capita between 2023 and 2024, highlighting the country’s economic progress—particularly a real growth of 7.3% recorded in 2024, driven mainly by the tourism sector.
Source: Jornal de Angola
