what is a middle income country mic 
according to the world bank middle income countries mics are defined as economies with a gross national income gni per capita between 1 136 and 13 845 as of 2024 mics consist of lower middle income countries and upper middle income countries both of which are part of the income categories that the world bank uses to classify economies for operational and analytical purposes 1understanding middle income countries mics the world bank has historically classified every economy as low middle or high income it now further specifies countries as having low lower middle upper middle or high income economies the world bank uses gni per capita in current u s dollars converted by the atlas method of a three year moving average of exchange rates as the basis for this classification 2it views gni as a broad measure and the single best indicator of economic capacity and progress the world bank used to refer to low income and middle income economies as developing economies in 2016 it chose to drop the term from its vocabulary citing a lack of specificity instead the world bank now refers to countries by their region income and lending status 3mic characteristicsmics are broken up into lower middle income and upper middle income economies lower middle income economies have per capita gnis between 1 136 and 4 465 while upper middle economies have per capita gnis between 4 466 and 13 845 1mics are a very diverse group by region size population and income level ranging from tiny nations with small populations such as belize and the marshall islands to all five of the brics countries brazil russia india china and south africa china and india together account for approximately one third of the world s population and are increasingly influential players in the global economy 4the diverse nature of mics means that the challenges facing many of them are quite different for nations in the lower middle income category the biggest issue might be providing their citizens with essential services such as water and electricity for the economies in the upper middle income category the greatest challenges could be curbing corruption and improving governance the significance of micsmics are essential for continued global economic growth and stability according to the world bank sustainable growth and development in mics have positive spillovers to the rest of the world examples are poverty reduction international financial stability and global cross border issues including climate change sustainable energy development food and water security and international trade 5mics have a combined population of five billion or over 75 of the world s seven billion people hosting 62 of the world s economically disadvantaged representing about one third of global gdp mics are a major engine of global economic growth 6graduating from lower to upper middle incomecountries graduate from one level to another depending on their gni per capita according to a june 2023 report by the world bank india continued to be a lower middle income country and is expected to continue to be so in 2024 countries that will move from low income to lower middle income country categories are guinea and zambia countries moving from lower middle income to upper middle income are indonesia el salvador west bank and gaza and jordan countries moving from upper middle income to high income are guyana and american samoa 7