World Bank list and Definition of Emerging Markets

What is an Emerging Market? The legislation defines an emerging market as any country that
the Secretary of Agriculture determines:
(a) Is taking steps toward developing a market-oriented economy through the food,
agriculture, or rural business sectors of the economy of the country; and
(b) Has the potential to provide a viable and significant market for U.S. agricultural
commodities or products of U.S. agricultural commodities.
Because EMP funds are limited and the range of potential emerging market countries is
worldwide, consideration will be given only to proposals that target countries or regional groups
with per capita income of less than $12,195 (the current ceiling on Upper Middle Income
economies as determined by the World Bank World Development Indicators); and populations of
greater than 1 million.
Income limits and their calculation can change from year to year with the result that a given
country may qualify under the legislative and administrative criteria one year but not the next.
Therefore, CCC has not established a fixed list of emerging market countries. A few countries
technically qualify as emerging markets but may require a separate determination before funding
can be considered because of political sensitivities.

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Economy

Code

Region

Income group

Lending category

Other

Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Channel Islands

AFG
ALB
DZA
ASM
ADO
AGO
ATG
ARG
ARM
ABW
AUS
AUT
AZE
BHS
BHR
BGD
BRB
BLR
BEL
BLZ
BEN
BMU
BTN
BOL
BIH
BWA
BRA
BRN
BGR
BFA
BDI
KHM
CMR
CAN
CPV
CYM
CAF
TCD
CHI

South Asia
Europe & Central Asia
Middle East & North Africa
East Asia & Pacific
..
Sub-Saharan Africa
Latin America & Caribbean
Latin America & Caribbean
Europe & Central Asia
..
..
..
Europe & Central Asia
..
..
South Asia
..
Europe & Central Asia
..
Latin America & Caribbean
Sub-Saharan Africa
..
South Asia
Latin America & Caribbean
Europe & Central Asia
Sub-Saharan Africa
Latin America & Caribbean
..
Europe & Central Asia
Sub-Saharan Africa
Sub-Saharan Africa
East Asia & Pacific
Sub-Saharan Africa
..
Sub-Saharan Africa
..
Sub-Saharan Africa
Sub-Saharan Africa
..

Low income
Upper middle income
Upper middle income
Upper middle income
High income: nonOECD
Lower middle income
Upper middle income
Upper middle income
Lower middle income
High income: nonOECD
High income: OECD
High income: OECD
Upper middle income
High income: nonOECD
High income: nonOECD
Low income
High income: nonOECD
Upper middle income
High income: OECD
Lower middle income
Low income
High income: nonOECD
Lower middle income
Lower middle income
Upper middle income
Upper middle income
Upper middle income
High income: nonOECD
Upper middle income
Low income
Low income
Low income
Lower middle income
High income: OECD
Lower middle income
High income: nonOECD
Low income
Low income
High income: nonOECD

IDA
IBRD
IBRD
..
..
IDA
IBRD
IBRD
Blend
..
..
..
Blend
..
..
IDA
..
IBRD
..
IBRD
IDA
..
IDA
Blend
Blend
IBRD
IBRD
..
IBRD
IDA
IDA
IDA
IDA
..
Blend
..
IDA
IDA
..

HIPC

World Bank, 1 July 2010

EMU

EMU
HIPC

HIPC

HIPC
HIPC
HIPC

HIPC
HIPC

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79

Economy

Code

Region

Income group

Lending category

Chile
China
Colombia
Comoros
Congo, Dem. Rep.
Congo, Rep.
Costa Rica
Cte d'Ivoire
Croatia
Cuba
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt, Arab Rep.
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Faeroe Islands
Fiji
Finland
France
French Polynesia
Gabon
Gambia, The
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guam
Guatemala
Guinea

CHL
CHN
COL
COM
ZAR
COG
CRI
CIV
HRV
CUB
CYP
CZE
DNK
DJI
DMA
DOM
ECU
EGY
SLV
GNQ
ERI
EST
ETH
FRO
FJI
FIN
FRA
PYF
GAB
GMB
GEO
DEU
GHA
GIB
GRC
GRL
GRD
GUM
GTM
GIN

Latin America & Caribbean

East Asia & Pacific
Latin America & Caribbean
Sub-Saharan Africa
Sub-Saharan Africa
Sub-Saharan Africa
Latin America & Caribbean
Sub-Saharan Africa
..
Latin America & Caribbean
..
..
..
Middle East & North Africa
Latin America & Caribbean
Latin America & Caribbean
Latin America & Caribbean
Middle East & North Africa
Latin America & Caribbean
..
Sub-Saharan Africa
..
Sub-Saharan Africa
..
East Asia & Pacific
..
..
..
Sub-Saharan Africa
Sub-Saharan Africa
Europe & Central Asia
..
Sub-Saharan Africa
..
..
..
Latin America & Caribbean
..
Latin America & Caribbean
Sub-Saharan Africa

Upper middle income

Lower middle income
Upper middle income
Low income
Low income
Lower middle income
Upper middle income
Lower middle income
High income: nonOECD
Upper middle income
High income: nonOECD
High income: OECD
High income: OECD
Lower middle income
Upper middle income
Upper middle income
Lower middle income
Lower middle income
Lower middle income
High income: nonOECD
Low income
High income: nonOECD
Low income
High income: nonOECD
Upper middle income
High income: OECD
High income: OECD
High income: nonOECD
Upper middle income
Low income
Lower middle income
High income: OECD
Low income
High income: nonOECD
High income: OECD
High income: nonOECD
Upper middle income
High income: nonOECD
Lower middle income
Low income

IBRD
IBRD
IBRD
IDA
IDA
IDA
IBRD
IDA
IBRD
..
..
..
..
IDA
Blend
IBRD
IBRD
IBRD
IBRD
IBRD
IDA
..
IDA
..
IBRD
..
..
..
IBRD
IDA
Blend
..
IDA
..
..
..
Blend
..
IBRD
IDA

World Bank, 1 July 2010

Other

HIPC
HIPC
HIPC
HIPC

EMU

HIPC
HIPC

EMU
EMU

HIPC
EMU
HIPC
EMU

HIPC

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119

Economy

Code

Region

Income group

Lending category

Other

Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong SAR, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Rep.
Iraq
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kiribati
Korea, Dem. Rep.
Korea, Rep.
Kosovo
Kuwait
Kyrgyz Republic
Lao PDR
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macao SAR, China
Macedonia, FYR
Madagascar
Malawi
Malaysia

GNB
GUY
HTI
HND
HKG
HUN
ISL
IND
IDN
IRN
IRQ
IRL
IMY
ISR
ITA
JAM
JPN
JOR
KAZ
KEN
KIR
PRK
KOR
KSV
KWT
KGZ
LAO
LVA
LBN
LSO
LBR
LBY
LIE
LTU
LUX
MAC
MKD
MDG
MWI
MYS

Sub-Saharan Africa
Latin America & Caribbean
Latin America & Caribbean
Latin America & Caribbean
..
..
..
South Asia
East Asia & Pacific
Middle East & North Africa
Middle East & North Africa
..
..
..
..
Latin America & Caribbean
..
Middle East & North Africa
Europe & Central Asia
Sub-Saharan Africa
East Asia & Pacific
East Asia & Pacific
..
Europe & Central Asia
..
Europe & Central Asia
East Asia & Pacific
..
Middle East & North Africa
Sub-Saharan Africa
Sub-Saharan Africa
Middle East & North Africa
..
Europe & Central Asia
..
..
Europe & Central Asia
Sub-Saharan Africa
Sub-Saharan Africa
East Asia & Pacific

Low income
Lower middle income
Low income
Lower middle income
High income: nonOECD
High income: OECD
High income: OECD
Lower middle income
Lower middle income
Upper middle income
Lower middle income
High income: OECD
High income: nonOECD
High income: nonOECD
High income: OECD
Upper middle income
High income: OECD
Lower middle income
Upper middle income
Low income
Lower middle income
Low income
High income: OECD
Lower middle income
High income: nonOECD
Low income
Low income
High income: nonOECD
Upper middle income
Lower middle income
Low income
Upper middle income
High income: nonOECD
Upper middle income
High income: OECD
High income: nonOECD
Upper middle income
Low income
Low income
Upper middle income

IDA
IDA
IDA
IDA
..
..
..
Blend
IBRD
IBRD
IBRD
..
..
..
..
IBRD
..
IBRD
IBRD
IDA
IDA
..
IBRD
IDA
..
IDA
IDA
..
IBRD
IDA
IDA
IBRD
..
..
..
..
IBRD
IDA
IDA
IBRD

HIPC
HIPC
HIPC
HIPC

World Bank, 1 July 2010

EMU

EMU

HIPC

HIPC

EMU

HIPC
HIPC

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159

Economy

Code

Region

Income group

Lending category

Maldives
Mali
Malta
Marshall Islands
Mauritania
Mauritius
Mayotte
Mexico
Micronesia, Fed. Sts.
Moldova
Monaco
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Northern Mariana Islands
Norway
Oman
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Puerto Rico
Qatar
Romania

MDV
MLI
MLT
MHL
MRT
MUS
MYT
MEX
FSM
MDA
MCO
MNG
MNE
MAR
MOZ
MMR
NAM
NPL
NLD
ANT
NCL
NZL
NIC
NER
NGA
MNP
NOR
OMN
PAK
PLW
PAN
PNG
PRY
PER
PHL
POL
PRT
PRI
QAT
ROM

South Asia
Sub-Saharan Africa
..
East Asia & Pacific
Sub-Saharan Africa
Sub-Saharan Africa
Sub-Saharan Africa
Latin America & Caribbean
East Asia & Pacific
Europe & Central Asia
..
East Asia & Pacific
Europe & Central Asia
Middle East & North Africa
Sub-Saharan Africa
East Asia & Pacific
Sub-Saharan Africa
South Asia
..
..
..
..
Latin America & Caribbean
Sub-Saharan Africa
Sub-Saharan Africa
..
..
..
South Asia
East Asia & Pacific
Latin America & Caribbean
East Asia & Pacific
Latin America & Caribbean
Latin America & Caribbean
East Asia & Pacific
..
..
..
..
Europe & Central Asia

Lower middle income

Low income
High income: nonOECD
Lower middle income
Low income
Upper middle income
Upper middle income
Upper middle income
Lower middle income
Lower middle income
High income: nonOECD
Lower middle income
Upper middle income
Lower middle income
Low income
Low income
Upper middle income
Low income
High income: OECD
High income: nonOECD
High income: nonOECD
High income: OECD
Lower middle income
Low income
Lower middle income
High income: nonOECD
High income: OECD
High income: nonOECD
Lower middle income
Upper middle income
Upper middle income
Lower middle income
Lower middle income
Upper middle income
Lower middle income
High income: OECD
High income: OECD
High income: nonOECD
High income: nonOECD
Upper middle income

IDA
IDA
..
IBRD
IDA
IBRD
..
IBRD
IBRD
IDA
..
IDA
IBRD
IBRD
IDA
IDA
IBRD
IDA
..
..
..
..
IDA
IDA
IDA
..
..
..
Blend
IBRD
IBRD
Blend
IBRD
IBRD
IBRD
IBRD
..
..
..
IBRD

World Bank, 1 July 2010

Other
HIPC
EMU
HIPC

HIPC

EMU

HIPC
HIPC

EMU

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199

Economy

Code

Region

Income group

Lending category

Russian Federation
Rwanda
Samoa
San Marino
So Tom and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Slovenia
Solomon Islands
Somalia
South Africa
Spain
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Sudan
Suriname
Swaziland
Sweden
Switzerland
Syrian Arab Republic
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda

RUS
RWA
WSM
SMR
STP
SAU
SEN
SRB
SYC
SLE
SGP
SVK
SVN
SLB
SOM
ZAF
ESP
LKA
KNA
LCA
VCT
SDN
SUR
SWZ
SWE
CHE
SYR
TJK
TZA
THA
TMP
TGO
TON
TTO
TUN
TUR
TKM
TCA
TUV
UGA

Europe & Central Asia

Sub-Saharan Africa
East Asia & Pacific
..
Sub-Saharan Africa
..
Sub-Saharan Africa
Europe & Central Asia
Sub-Saharan Africa
Sub-Saharan Africa
..
..
..
East Asia & Pacific
Sub-Saharan Africa
Sub-Saharan Africa
..
South Asia
Latin America & Caribbean
Latin America & Caribbean
Latin America & Caribbean
Sub-Saharan Africa
Latin America & Caribbean
Sub-Saharan Africa
..
..
Middle East & North Africa
Europe & Central Asia
Sub-Saharan Africa
East Asia & Pacific
East Asia & Pacific
Sub-Saharan Africa
East Asia & Pacific
..
Middle East & North Africa
Europe & Central Asia
Europe & Central Asia
..
East Asia & Pacific
Sub-Saharan Africa

Upper middle income

Low income
Lower middle income
High income: nonOECD
Lower middle income
High income: nonOECD
Lower middle income
Upper middle income
Upper middle income
Low income
High income: nonOECD
High income: OECD
High income: nonOECD
Low income
Low income
Upper middle income
High income: OECD
Lower middle income
Upper middle income
Upper middle income
Upper middle income
Lower middle income
Upper middle income
Lower middle income
High income: OECD
High income: OECD
Lower middle income
Low income
Low income
Lower middle income
Lower middle income
Low income
Lower middle income
High income: nonOECD
Lower middle income
Upper middle income
Lower middle income
High income: nonOECD
Lower middle income
Low income

IBRD
IDA
IDA
..
IDA
..
IDA
IBRD
IBRD
IDA
..
..
..
IDA
IDA
IBRD
..
IDA
IBRD
Blend
Blend
IDA
IBRD
IBRD
..
..
IBRD
IDA
IDA
IBRD
IDA
IDA
IDA
IBRD
IBRD
IBRD
IBRD
..
..
IDA

World Bank, 1 July 2010

Other
HIPC

HIPC
HIPC

HIPC
EMU
EMU
HIPC
EMU

HIPC

HIPC

HIPC

HIPC

World Bank list of economies (July 2010)

(Bold indicates a change of classification)

200
201
202
203
204
205
206
207
208
209
210
211
212
213
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Economy

Code

Region

Income group

Lending category

Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela, RB
Vietnam
Virgin Islands (U.S.)
West Bank and Gaza
Yemen, Rep.
Zambia
Zimbabwe

UKR
ARE
GBR
USA
URY
UZB
VUT
VEN
VNM
VIR
WBG
YEM
ZMB
ZWE

Europe & Central Asia

..
..
..
Latin America & Caribbean
Europe & Central Asia
East Asia & Pacific
Latin America & Caribbean
East Asia & Pacific
..
Middle East & North Africa
Middle East & North Africa
Sub-Saharan Africa
Sub-Saharan Africa

Lower middle income

High income: nonOECD
High income: OECD
High income: OECD
Upper middle income
Lower middle income
Lower middle income
Upper middle income
Lower middle income
High income: nonOECD
Lower middle income
Lower middle income
Low income
Low income

IBRD
..
..
..
IBRD
Blend
IDA
IBRD
Blend
..
..
IDA
IDA
Blend

World
Low income
Middle income
Lower middle income
Upper middle income
Low & middle income
East Asia & Pacific
Europe & Central Asia
Latin America & Caribbean
Middle East & North Africa
South Asia
Sub-Saharan Africa
High income
Euro area
High income: OECD
High income: nonOECD
Heavily indebted poor countries (HIPC)
Least developed countries: UN classification

WLD
LIC
MIC
LMC
UMC
LMY
EAP
ECA
LAC
MNA
SAS
SSA
HIC
EMU
OEC
NOC
HPC
LDC

Other

HIPC

This table classifies all World Bank member economies, and all other economies with populations of more than 30,000. For operational and analytical purposes, economies are
divided among income groups according to 2009 gross national income (GNI) per capita, calculated using the World Bank Atlas method. The groups are: low income, $995 or less;
lower middle income, $9963,945; upper middle income, $3,94612,195; and high income, $12,196 or more. Other analytical groups based on geographic regions are also used.
Geographic classifications and data reported for geographic regions are for low-income and middle-income economies only. Low-income and middle-income economies are
sometimes referred to as developing economies. The use of the term is convenient; it is not intended to imply that all economies in the group are experiencing similar development
or that other economies have reached a preferred or final stage of development. Classification by income does not necessarily reflect development status.
Lending category: IDA countries are those that had a per capita income in 2009 of less than $1,165 and lack the financial ability to borrow from IBRD. IDA loans are deeply
concessionalinterest-free loans and grants for programs aimed at boosting economic growth and improving living conditions. IBRD loans are noncessional. Blend countries are
eligible for IDA loans because of their low per capita incomes but are also eligible for IBRD loans because they are financially creditworthy.
Note: Income classifications are in effect until 1 July 2011.
World Bank, 1 July 2010