Guyana continues to rank among the Caribbean’s high-income economies, while Jamaica remains classified as an upper-middle-income economy in the World Bank’s latest annual income classification. The updated rankings highlight the differing economic positions across the region, as rapid growth in some countries contrasts with more gradual progress in others.

The World Bank places Guyana in the high-income category, which includes economies with gross national income per capita of US$14,375 or more. Jamaica remains in the upper-middle-income group, which covers economies with gross national income per capita between US$4,636 and US$14,375.

Guyana’s classification places it alongside several Caribbean economies already ranked as high income, including Antigua and Barbuda, The Bahamas, Barbados, St. Kitts and Nevis, and Trinidad and Tobago. Meanwhile, Jamaica is grouped with other upper-middle-income economies such as Belize, Cuba, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and Suriname.

The latest update showed no downward movements among the countries assessed. Six economies moved up in classification, with Jordan, Micronesia, the Philippines, Sri Lanka and Viet Nam shifting from lower-middle income to upper-middle income, while Togo advanced from low income to lower-middle income. These changes reflect improvements in income levels, as well as adjustments in the thresholds used by the World Bank.

The classifications are based on 2025 gross national income per capita data, measured in United States dollars using the World Bank’s Atlas methodology. This approach smooths exchange rate fluctuations to reduce the effect of short-term volatility. The income thresholds are updated annually to account for inflation, while changes in economic growth, population size, national accounting practices and data revisions can also influence a country’s ranking.

Guyana’s high-income status comes during a period of rapid economic expansion driven largely by its oil sector. Since offshore oil production began in 2019, the country has recorded exceptional growth, strengthening national income and positioning it as one of the fastest-growing economies in the region.

Jamaica’s upper-middle-income classification reflects its more diversified economic base, with tourism, services, remittances and mining remaining key contributors to national income. However, the ranking is based on 2025 income data and does not fully capture the economic fallout from Hurricane Melissa, which struck in October 2025 and caused severe damage across the country.

The storm’s impact was significant, with the World Bank and Inter-American Development Bank estimating physical damage at approximately US$8.8 billion. Jamaica’s Planning Institute later estimated total damage and losses at US$12.2 billion, underscoring the scale of the economic disruption that followed.

While the income classifications provide a useful snapshot of national income levels, the World Bank cautions that they are broad indicators and do not fully reflect inequality, poverty, resilience or differences in living standards within countries. As a result, the rankings should be viewed as one measure of economic development rather than a complete assessment of economic well-being.

Source: (Caribbean National Weekly)

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