On July 1, 2025, the IMF announced that Cabo Verde has been reclassified as an upper-middle-income country by World Bank standards. The shift follows a 16.8% rise in gross national income per capita between 2023 and 2024, driven by 7.3% GDP growth in 2024—mainly due to tourism. Lower domestic inflation and a revised population estimate by the UN also contributed to the new classification.
