The World Bank has classified El Salvador as an upper-middle-income country for the second consecutive year. This status reflects the nation’s Gross National Income (GNI) per capita exceeding $4,216 in 2023, indicating significant economic growth.

📣Recién salido: Las nuevas clasificaciones de ingresos de los países del @BancoMundial indican que 7 de 8 países que cambiaron de categoría de ingresos este año ascendieron. En 2023, solo el 12 % de los países estaban clasificados como países de ingreso bajo.

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— Banco Mundial (@BancoMundial) July 5, 2024

Under President Nayib Bukele’s administration, El Salvador first achieved this classification in 2022, breaking its decades-long status as a lower-middle-income country. Regional peers in the same category include Mexico, Brazil, and Costa Rica.

Analysts from Exor Latin America attribute this improvement to effective policies, increased exports (up 11.26% in 2022), rising remittances (up 14.58% in 2022 and 4.63% in 2023), and improved public sector revenues. Additionally, a significant drop in inflation in 2023 bolstered the economy.

Experts also noted that previous issues like gang violence, crime, and corruption had hindered economic growth and development, impacting the business environment and quality of life.