World Bank classifies Mongolia as upper-middle-income country

ULAN BATOR, July 3 (Xinhua) -- Mongolia has been reclassified by the World Bank from a lower-middle income country to an upper-middle income country for the 2024 fiscal year, announced the country's Finance Ministry on Wednesday.

This marks Mongolia's first inclusion in the upper-middle-income category since 2014, according to a ministry statement.

The World Bank Group categorizes the world's economies in