List of Poorest Countries in The World

Poorest Countries in World

Among the list of the world’s poorest countries, once again African countries are taking the lead. The Global Finance Magazine published a ranking analysis on February 2017. The countries were ranked according to the GDP (Gross Domestic Product) and PPP (Purchasing Power Parity) Per Capita. PPP measures the relative cost of living and the country’s inflation rate for comparing the standard of living. Most of the countries that have made it to the top are a victim of authoritarian corruption.

Take a look at the list of the underdeveloped countries in the world:

  1. Central African Republic

You have guessed it right, Central African Republic (CAR) is the most poor country in the world with the GDP per capita of $656. CAR has experienced violence from years. The country’s political strife resulted in economic chaos. The residents are mostly poor. In 2013, thousands of residents were killed and one million had to migrate to the neighboring counties. The economy is majorly dependent on agriculture produce. The country does mining of diamonds too. Life expectancy is 43 years. The population was further inflicted by the HIV pandemic. The poverty rate in country is 62%.

  1. Democratic Republic of Congo

It is not just the second largest African country but also the second in the list of poor countries. The country has been stuck by political instability for a long time which has hindered institutional, economic and political growth. Fight for power and political corruption has put the county in chaos. In 1994, the depreciation in the currency and high inflation rate influenced the economy badly. The GDP per capita is $784

  1. Burundi

The political instability in Burundi is at its peak. The military coup of 2015 resulted in bloodshed and a number of people had to leave the country. Illiteracy rate is high and the peace of the nation is further destructed by the HIV epidemic. Its GDP per capita is $818. Children in the country suffer due to malnutrition. Famine rates are high as a result of which the country has to go through food shortage. 80% of the population is poor. The economy is mostly dependent on agriculture and coffee is the cash crop that is exported the most.

  1. Liberia

Located in the West Africa, Liberia is still suffering from the pre-civil war effects. The property in the country was severely damaged due to war and many lives were lost. Since then, the economy of the country has been fragile. Illiteracy rate is high and so is poverty. The success of the nation is further undermined due to corruption. Its GDP per capita is $882. Like all African countries, Liberia was affected by the Ebola virus too which further crippled the economy. This discouraged foreign investment in the country.

  1. Niger

Here is another landlocked African country. In the recent years, the extractive industry has contributed to the economic growth. Other than this, Niger is rich in natural resources like oil, gold and uranium. It also engages in farming. Its GDP per capita is $1,113. A large area of the land is covered by the Sahara desert and hence, it is harmed by droughts and famine time and again. The country is highly political instable. The residents are struck by hunger often.

  1. Malawi

The country is located in South Africa and it is mostly landlocked. It has a population of 16 million and 85% lives in rural areas. It is not just one of the poorest county in Africa but also the most populous in Africa. Educational and health improvements have taken place. The economy of the county mostly relies on aid. Its GDP per capita is $1,139. Malawi had to deal with the HIV pandemic. The poverty level in the country is still high. Life expectancy is low and mortality rate in children is high. On top of that, the country has to face floods over and over again.

  1. Mozambique

The country has enjoyed constant economic growth in the past 10 year. Its GDP per capita is $1,228. The economy mostly depends on agricultural produce but the country also deals in the mining of titanium and aluminum. The political conditions are becoming stable and this has favored economic growth too. Besides all these improvements, it still falls in the list of the poorest country in the world. Other than this, the country is indebted too. People are still poor.

  1. Guinea

In 2014, the Ebola torment hit the country and its economy badly. There has been political instability in the country for a long time due to which the economy is not progressing. Its GDP per capita is $1,271. The country was stable during the 90s. Agriculture and mining was booming. However, today, the economy is only dependent on fishing and farming. Since the Ebola epidemic, not many investors have shown interest in Guinea.

  1. Eritrea

The country is located in the African continent bordering Djibouti, Sudan and Ethiopia. Its GDP per capita is $1,321. The economy depends on gold and silver mining. A number of residents of the country have rushed to the neighboring countries as refugees due to oppression.

  1. Madagascar

It is an island located at the Indian Ocean. Although it is the 4th largest island in the world it still falls in the list of poorest countries. The ecosystem and wildlife of the country have attracted lot of people to choose it as their home. The GDP per capita is $1,504. A major challenge faced by the population is the annual tropical cyclones. Because of these disasters, several residents go homeless each year. The country’s earnings are dependent on agriculture. The political conditions have been poor for long. The standard of living is also bad.

Unfortunately, most of the poor countries have to suffer due to political instability and corruption. On top of that, natural disasters and poor health conditions have made face tough situations even more.

Following is the list of top 20 poorest countries in the world:

Countries Population (In million) GDP Per Capita (In dollars)
Central African Republic 4.595 656
Democratic Republic of Congo 78.74 784
Burundi 10.52 818
Liberia 4.614 882
Niger 20.67 1113
Malawi 18.09 1139
Mozambique 28.83 1228
Guinea 12.4 1271
Eritrea 4.475 1321
Madagascar 24.89 1504

 

Source: uk.businessinsider.com

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