Poverty is one of the major issues plaguing the world. There are some poorest countries in the world where majority of the people are unemployed and are unable to meet their basic human needs. The condition of these countries can improve significantly, if the governments in these countries along with global institutions bring in policy measures to improve the lives of millions of people living in poverty.
Gross Domestic Product (PPP) per capita is considered by economists, as one of the best parameters to analyze the economic development of the countries.
Here we have mentioned the ten poorest countries in the world, along with their GDP (PPP) per capita in International Dollars:
1. Burundi – $742.8
With a history of violence and immense troubles, Burundi has widespread poverty. Several people living here are below the poverty line. Inadequate domestic food production has led to malnourishment amid the citizens.
2. Central African Republic –$871.5
One of the richest countries in terms of natural resources, Central African Republic is still the second poorest in terms of GDP (PPP) per capita. Conflict and corruption are the primary cause of poor condition in the country.
3. Democratic Republic of Congo – $930.5
The DRC has abundant natural resources, yet it has very low GDP (PPP) per capita, and has faced political unrest in recent years. Despite the economic recovery in the past, the country faces civil war, plunder of natural resources and political turmoil due to controversial presidential elections.
4. Niger – $1,048.5
Niger is one of the world’s least developed nations. Having a population around 22.44 million, Niger ranks quite low on Human Development Index of UN Development Program. Corruption and other internal problems have created stress on the economy.
5. Liberia – $1,306.3
The county’s civil war ended in 2003, but the nation is still recovering from the damage. Corruption and government conflict are some of the reasons behind the nation’s slow economic growth.
6. Malawi – $1,308.7
Malawi is known for the peace and harmony, yet poor governance and lack of export commodities are few reasons behind the lack of development and high poverty in the country.
7. Mozambique – $1327.9
The country has made progress in terms of reducing poverty, however, 50% of population is still facing problems. Most of these people are located in rural areas and the regions like Zambezia, Sofala, Manica, and Gaza have witnessed an increase in poverty in the 21st century.
8. Sierra Leone – $1603.5
Located on the west coast of the African continent, Sierra Leone is a former British colony which has seen heavy political turmoil including civil war and military coup since it achieved independence in 1961. Despite mining of diamonds, titanium, bauxite and gold, the country suffers from high unemployment, corruption and degraded infrastructure. Hence, two-thirds of the population directly relies on subsistence agriculture.
9. Madagascar – $1,634.2
It is an island country located in the Indian ocean, off the eastern coast of mainland Africa. Geographical isolation and lack of a good educational system are part of why Madagascar is still considered a poor country.
10. The Gambia – $1,706.3
Situated on both sides of the Gambia River, it is the smallest country in the western part of mainland Africa, located along the Atlantic coast. it’s economy is dominated by subsistence farming, livestock rearing and fishing activities. Manufacturing is limited to a few agriculture based industries. In recent years, tourism sector has shown some growth.
Source: World Bank, 2018 data