COLOMBO, July 4 (Xinhua) -- The World Bank has changed Sri Lanka's classification from a lower-middle income country to an upper-middle income country under its latest country income classifications for the 2020 fiscal year, local media reports said here Thursday.

The World Bank in a statement said it had classified the world's economies into four income groups, high, upper-middle, lower-middle, and low and upgraded economies on Gross National Income (GNI) per capita.

The classification is updated each year on July 1.

Accordingly, Sri Lanka inched into the upper-middle income category along with 4,060 U.S. dollars per capita income for 2019 along with Kosovo and Georgia.

The World Bank, this year has predicted Sri Lanka's economic growth to 3.5 percent.