In our interconnected world, economic disparities persist, and some Countries face significant challenges in achieving sustainable development and improving the well-being of their citizens. The poorest countries in the world face formidable Economic Challenges, including political instability, limited infrastructure, high poverty rates, and inadequate access to education and healthcare. These countries strive to uplift their citizens and create sustainable pathways to development.

Despite the abundance of global wealth, there are still countries that continue to suffer from extreme poverty. In this article, we will explore the top 10 poorest countries in the world by GDP per capita in 2024. GDP per capita is a measure that helps us understand the economic well-being of a country’s population. By dividing the GDP by the total number of people in the country, we can get a clearer picture of how rich or poor a country is.

Methodology for ranking the poorest countries

GDP per capita stands for Gross Domestic Product per capita, which measures the average income per person in a country. However, it’s important to note that GDP per capita alone may not provide a complete picture of a country’s poverty level. Factors like the cost of living and inflation rates can vary significantly from one country to another. To address this, economists use a concept called Purchasing Power Parity (PPP). PPP takes into account the local costs and inflation rates to provide a more accurate comparison of the standard of living in different countries.

The Poorest Countries in the World by GDP per capita PPP

Based on the estimates by the International Monetary Fund (IMF) as of August 28, 2023, here are the top 10 poorest countries in the world by GDP per capita PPP in 2024:

These countries face various economic challenges that contribute to their low GDP per capita. Let’s take a closer look at each of these countries and the underlying causes of their economic struggles.

1. South Sudan

• GDP: $3.9 billion
• Population: 11,104,916

South Sudan, the world’s youngest country, gained independence in 2011 but faces significant economic challenges. Political instability, ongoing conflicts, and limited infrastructure hinder its progress. The majority of the population relies on traditional agriculture, which is often disrupted by violence and extreme climate events, perpetuating poverty in this landlocked nation.

2. Burundi

• GDP: $3.4 billion
• Population: 13,269,272

Burundi, a small landlocked country in East Africa, confronts significant socio-economic challenges. Political instability, conflicts, and inadequate infrastructure development have hindered the country’s economic growth. Approximately 80% of the population relies on subsistence agriculture, leading to high levels of food insecurity compared to other sub-Saharan African countries.

3. Central African Republic (CAR)

• GDP: $2.2 billion
• Population: 5,757,091

The Central African Republic (CAR), situated in Central Africa, grapples with profound economic challenges due to political instability, armed conflicts, and inadequate infrastructure. Despite the country’s wealth in gold, oil, uranium, and diamonds, its citizens experience widespread poverty. Price increases for essential goods following the war in Ukraine and severe flooding and drought cycles have further exacerbated the CAR’s economic struggles.

4. Somalia

• GDP: $7.5 billion
• Population: 18,192,151

Situated in the Horn of Africa, Somalia has been plagued by years of political instability, armed conflicts, and humanitarian crises. The absence of a functioning central government, limited infrastructure, and widespread poverty have hindered the country’s progress.

5. Democratic Republic of the Congo (DRC)

• GDP: $42.6 billion
• Population: 102,553,019

The Democratic Republic of the Congo (DRC), the largest country in Sub-Saharan Africa, faces profound economic challenges despite its wealth in natural resources like cobalt and copper. The majority of the population lives in poverty, with around 62% of Congolese living on less than $2.15 a day. Malnutrition, limited access to education and healthcare, and high fertility rates further exacerbate the country’s poverty and development constraints.

6. Mozambique

• GDP: $3.3 billion
• Population: 33,980,890

Mozambique, a sparsely populated country and a resource-rich former Portuguese colony, faces poverty due to natural disasters, disease, rapid population growth, low agricultural productivity, and wealth inequality. Despite its resource richness and strong GDP growth, the country remains among the world’s poorest, exacerbated by attacks from Islamic insurgent groups in the gas-rich north.

7. Niger

• GDP: $9.2 billion
• Population: 27,291,636

Niger, a landlocked West African country, faces economic challenges and high poverty rates due to limited natural resources, frequent droughts, and a predominantly agricultural economy. With 80% of its territory blanketed by the Sahara Desert and a growing population reliant on small-scale agriculture, desertification poses a significant threat.

8. Malawi

• GDP: $6.9 billion
• Population: 21,039,999

Despite its beautiful landscapes, Malawi, located in southeastern Africa, grapples with significant economic challenges. The nation relies heavily on rain-fed agriculture, making it vulnerable to climate change and fluctuating commodity prices. Nonetheless, the government remains committed to promoting economic diversification, improving education and healthcare, and reducing poverty.

9. Chad

• GDP: $10.9 billion
• Population: 18,327,841

Chad, located in Africa, faces significant economic challenges and high poverty rates despite having substantial oil reserves. The nation heavily relies on rain-fed agriculture, which leaves it vulnerable to weather-related shocks and widespread food insecurity. Human rights abuses and crackdowns on political opposition and dissent have been reported, raising concerns about democratic principles.

10. Liberia

• GDP: $10.9 billion
• Population: 5,428,692

Liberia’s enduring poverty stems from violent conflicts, including civil wars and outbreaks like Ebola, leading to unstable infrastructure and limited services. Forced migration disrupts agriculture, contributing to food insecurity. International organizations like the World Food Programme strive to alleviate poverty and improve the country’s future through sustainable development efforts and investment in education and healthcare.

Conclusion

These top 10 poorest countries in the world face a range of economic challenges, including political instability, conflicts, inadequate infrastructure, and reliance on agriculture. Despite their rich cultural heritage and natural resources, these countries struggle to lift their populations out of poverty. International aid and investment, along with efforts to promote stability and sustainable development, are crucial in addressing the economic challenges faced by these nations.

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