KYIV, July 2 –The World Bank moves up Ukraine from the lower-middle-income to the upper-middle-income category this year.

"Ukraine's upward change in classification resulted from a resumption of economic growth in 2023 (real GDP grew 5.3%, following a drop of 28.8% in 2022) along with a continued decline in population, which has fallen more than 15% since the invasion from Russia began," the World Bank said on its website on Tuesday.

These factors were further amplified by price increases of domestically produced goods and services to result in a large increase in nominal Atlas GNI per capita of 18.5%.