The top 10 poorest countries in the world in 2024 are a reflection of the ongoing challenges faced by these nations. These countries, including Burundi, Malawi, Niger, and Central African Republic, continue to struggle with economic instability and high levels of poverty. Factors such as political instability, corruption, and lack of access to education and healthcare contribute to the difficult economic conditions in these nations. Despite efforts from international organizations and governments to alleviate poverty and promote development, progress has been slow in these countries. It is crucial for global communities to continue working together to address the root causes of poverty and support sustainable economic growth in order to uplift the lives of those living in these impoverished nations.
Methodology for ranking poorest countries in the world
GDP, which stands for Gross Domestic Product, is a measure of the annual production of goods and services within a country. To gain a better understanding of a country’s wealth or poverty, it is important to also consider its population. In order to calculate GDP per capita, the GDP is divided by the total number of people in the country. However, relying solely on GDP per capita can sometimes provide an incomplete picture. This is because the cost of living and inflation rates can vary significantly between countries. That’s where PPP, or Purchasing Power Parity, comes into play. PPP takes into account local costs and inflation rates to provide a more accurate representation of the standard of living in different countries. Furthermore, some countries may have artificially inflated GDPs due to being tax havens. Therefore, when ranking countries based on GDP per capita in 2024, using GDP per capita PPP as a tool can help identify the poorest nations in the world.
Top 10 Poorest Countries In The World 2024
Here are the ten poorest countries ranked in order, starting with the tenth poorest and ending with the poorest country in the world for 2024. At number ten is Mozambique, followed by Guinea-Bissau at nine. The eighth poorest nation is Eritrea, while Liberia ranks seventh. Burkina Faso is sixth on the list, closely followed by South Sudan at fifth. The Central African Republic comes in fourth place, and Malawi takes third place. Niger is second on the list of poorest countries, while Burundi holds the dubious honor of being ranked as the poorest country in the world for 2024. These rankings are based on factors such as poverty rates, income levels, and economic growth indicators.
Rank With GDP-PPP Country Wise
| Rank | Country | GDP-PPP ($) |
|---|---|---|
| 1 | South Sudan | 515.75 |
| 2 | Burundi | 891 |
| 3 | Central African Republic | 1,130 |
| 4 | Somalia | 1,370 |
| 5 | Democratic Republic of the Congo | 1,474 |
| 6 | Mozambique | 1,556 |
| 7 | Niger | 1,600 |
| 8 | Malawi | 1,682 |
| 9 | Chad | 1,797 |
| 10 | Liberia | 1,798 |
obstruct Economic Progress
The bottom ten economies consist of smaller and less powerful countries in challenging regions. Liberia and Chad face obstacles such as limited resources, weak financial sectors, and unfavourable tax regimes. These hindrances impede foreign investments and growth. Larger nations like the Democratic Republic of the Congo and Mozambique also struggle with poverty due to internal conflicts, political instability, and inadequate infrastructure, which obstruct their economic progress. Let’s delve deeper into these world’s poorest countries and analyze the root causes that contribute to their economic challenges.
Poorest countries in the world: A closer look
Now that we have information about the per capita income of these companies, let’s delve into the factors responsible for categorizing these bottom ten economies as the world’s poorest.
South Sudan
- GDP: $3.9 billion
- Population: 11,104,916
South Sudan, which became the world’s newest country in 2011, is currently confronted with considerable economic difficulties. The nation’s progress is impeded by political instability, ongoing conflicts, and inadequate infrastructure. The majority of the population relies on traditional agriculture, which is frequently disrupted by violence and extreme climate events, thereby perpetuating poverty in this landlocked country with a population of approximately 11 million people.
- GDP: $3.4 billion
- Population: 13,269,272
Burundi, a small country located in East Africa and surrounded by land, is currently faced with notable socio-economic difficulties. These challenges include political instability, conflicts, and insufficient infrastructure development. The economic hardships experienced by the nation, as well as its citizens, are worsened by a rapid increase in population. Around 80 percent of the population depends on subsistence farming, resulting in a remarkably high level of food insecurity when compared to other countries in sub-Saharan Africa.
Central African Republic (CAR)
- GDP: $2.2 billion
- Population: 5,757,091
Located in Central Africa, the Central African Republic (CAR) faces significant economic difficulties as a result of political instability, armed conflicts, and insufficient infrastructure. Despite being rich in gold, oil, uranium, and diamonds, the country’s population continues to suffer from widespread poverty. Moreover, the CAR’s economic challenges have worsened due to price hikes for essential commodities following the conflict in Ukraine and recurring cycles of severe flooding and drought.
Somalia
- GDP: $7.5 billion
- Population: 18,192,151
Located in the Horn of Africa, Somalia has been afflicted with extensive political instability, armed conflicts, and humanitarian crises for many years. The lack of an operational central government, inadequate infrastructure, and widespread poverty have impeded the nation’s advancement.
- GDP: $42.6 billion
- Population: 102,553,019
Despite being rich in natural resources such as cobalt and copper, the Democratic Republic of Congo (DRC), which is the largest country in Sub-Saharan Africa, is confronted with significant economic difficulties. A majority of its population lives in poverty, with approximately 62 percent of Congolese people surviving on less than $2.15 per day. The country’s poverty and development challenges are compounded by malnutrition, limited opportunities for education and healthcare, and high fertility rates.
Mozambique
- GDP: $3.3 billion
- Population: 33,980,890
Mozambique, an ex-Portuguese colony with abundant resources but low population density, is grappling with poverty caused by natural calamities, illness, rapid population increase, inadequate agricultural output, and wealth disparity. Despite its valuable resources and impressive economic growth, the nation continues to be one of the most impoverished worldwide. This situation has been compounded by attacks from Islamic extremist groups in the gas-rich region of the north.
Niger
- GDP: $9.2 billion
- Population: 27,291,636
Niger, a country in West Africa without access to the sea, experiences economic difficulties and high levels of poverty as a result of its limited natural resources, frequent droughts, and an economy primarily based on agriculture. The Sahara Desert covers 80 percent of its land, and with a population that heavily relies on small-scale farming, desertification is a major concern.
Malawi
- GDP: $6.9 billion
- Population: 21,039,999
Malawi, situated in southeastern Africa, faces considerable economic difficulties despite its stunning scenery. The country heavily depends on rain-fed agriculture, rendering it susceptible to climate change and fluctuating commodity prices. However, the government maintains its dedication to fostering economic diversification, enhancing education and healthcare, and alleviating poverty.
Chad
- GDP: $10.9 billion
- Population: 18,327,841
Despite having substantial oil reserves, Chad, situated in Africa, experiences significant economic difficulties and high poverty levels. The country heavily depends on rain-fed agriculture, making it susceptible to weather-related shocks and widespread food insecurity. Reports of human rights abuses and the suppression of political opposition and dissent have raised concerns regarding democratic principles.
Liberia
GDP: $10.9 billion
Population: 5,428,692
Liberia’s persistent poverty is a result of turbulent conflicts, such as civil wars and outbreaks like Ebola, which have resulted in unstable infrastructure and limited services. The displacement of people due to forced migration further hampers agriculture, leading to food insecurity. To combat this issue, international organizations such as the World Food Programme are dedicated to alleviating poverty and enhancing the country’s future through sustainable development initiatives and investment in education and healthcare.
World Economic Outlook
Rank |
Country/Territory |
GDP-PPP ($) |
| 1 | South Sudan | 516 |
| 2 | Burundi | 891 |
| 3 | Central African Republic | 1,127 |
| 4 | Somalia | 1,374 |
| 5 | Democratic Republic of the Congo | 1,474 |
| 6 | Mozambique | 1,556 |
| 7 | Niger | 1,600 |
| 8 | Malawi | 1,682 |
| 9 | Chad | 1,787 |
| 10 | Liberia | 1,788 |
| 11 | Madagascar | 1,916 |
| 12 | Yemen | 2,042 |
| 13 | Sierra Leone | 2,082 |
| 14 | Eritrea | 2,188 |
| 15 | Kiribati | 2,381 |
| 16 | Solomon Islands | 2,414 |
| 17 | Zimbabwe | 2,627 |
| 18 | Mali | 2,656 |
| 19 | Burkina Faso | 2,726 |
| 20 | Togo | 2,754 |
| 21 | The Gambia | 2,804 |
| 22 | Vanuatu | 3,001 |
| 23 | Guinea-Bissau | 3,072 |
| 24 | Rwanda | 3,090 |
| 25 | Guinea | 3,218 |
| 26 | Uganda | 3,224 |
| 27 | Haiti | 3,248 |
| 28 | Lesotho | 3,251 |
| 29 | Comoros | 3,463 |
| 30 | Tanzania | 3,600 |
| 31 | Timor-Leste | 3,637 |
| 32 | Ethiopia | 3,724 |
| 33 | Micronesia | 3,931 |
| 34 | Zambia | 4,041 |
| 35 | Benin | 4,300 |
| 36 | Sudan | 4,471 |
| 37 | Senegal | 4,515 |
| 38 | Papua New Guinea | 4,516 |
| 39 | Cameroon | 4,665 |
| 40 | Marshall Islands | 4,669 |
| 41 | São Tomé and Príncipe | 4,874 |
| 42 | Nepal | 5,101 |
| 43 | Myanmar | 5,132 |
| 44 | Republic of the Congo | 5,155 |
| 45 | Tajikistan | 5,293 |
| 46 | Tuvalu | 5,797 |
| 47 | Cambodia | 6,092 |
| 48 | Nigeria | 6,178 |
| 49 | Kyrgyz Republic | 6,250 |
| 50 | Samoa | 6,324 |
| 51 | Kenya | 6,569 |
| 52 | West Bank and Gaza | 6,688 |
| 53 | Pakistan | 6,836 |
| 54 | Djibouti | 6,894 |
| 55 | Ghana | 6,974 |
| 56 | Côte d’Ivoire | 7,011 |
| 57 | Tonga | 7,125 |
| 58 | Angola | 7,222 |
| 59 | Honduras | 7,228 |
| 60 | Mauritania | 7,437 |
| 61 | Nicaragua | 7,601 |
| 62 | Venezuela | 8,028 |
| 63 | Bangladesh | 8,663 |
| 64 | India | 9,073 |
| 65 | Cabo Verde | 9,661 |
| 66 | Lao P.D.R. | 9,801 |
| 67 | Uzbekistan | 10,308 |
| 68 | Bolivia | 10,327 |
| 69 | Morocco | 10,460 |
| 70 | Guatemala | 10,546 |
| 71 | Belize | 10,939 |
| 72 | Nauru | 11,342 |
| 73 | Philippines | 11,420 |
| 74 | Namibia | 11,440 |
| 75 | Eswatini | 11,492 |
| 76 | El Salvador | 11,647 |
| 77 | Jamaica | 12,887 |
| 78 | Jordan | 12,893 |
| 79 | Iraq | 12,927 |
| 80 | Tunisia | 13,270 |
| 81 | Algeria | 13,507 |
| 82 | Ecuador | 13,513 |
| 83 | Ukraine | 13,901 |
| 84 | Dominica | 14,161 |
| 85 | Bhuta | 14,170 |
| 86 | Sri Lanka | 14,223 |
| 87 | Vietnam | 14,458 |
| 88 | Mongolia | 14,939 |
| 89 | Paraguay | 15,578 |
| 90 | Kosovo | 15,620 |
| 91 | Fiji | 15,727 |
| 92 | Indonesia | 15,855 |
| 93 | South Africa | 16,091 |
| 94 | Peru | 16,132 |
| 95 | Palau | 16,394 |
| 96 | Moldova | 16,840 |
| 97 | Egypt | 16,979 |
| — | Afghanistan, Lebanon, Syria, Ukraine | N.A. |
See Also Top 10 Most Educated Countries
New Developed Nations
Newly developed nations are emerging as significant players in the global economy, with their rapid growth and development catching the attention of the world. These nations have witnessed remarkable progress in various sectors such as technology, infrastructure, healthcare, and education. With a focus on innovation and investment in human capital, these countries are positioning themselves as attractive destinations for foreign business ventures and investments. As they continue to strengthen their economies and improve living standards, these newly developed nations are reshaping the global landscape and offering new opportunities for collaboration and growth. It is an exciting time for these nations as they navigate the challenges of development while embracing the potential for a brighter future.
World Economy Ranking Test Base
The world economy ranking is commonly based on the Gross Domestic Product (GDP) of countries. GDP measures the total value of all goods and services produced within a country’s borders in a given period. It serves as an important indicator of a country’s economic strength and overall development. When determining the world economy ranking, countries with higher GDPs are typically ranked higher on the list. This ranking provides insights into the economic powerhouses of the world and helps to understand the distribution of wealth and resources globally. However, it is worth noting that GDP alone does not capture all aspects of a country’s economic well-being, such as income inequality or quality of life indicators. Therefore, while the ranking can provide valuable information, it should be interpreted alongside other socio-economic factors for a comprehensive understanding of a country’s economic performance.
FAQs About Top 10 Poorest Countries In The World 2024
Which is the world’s poorest country in Asia?
Yemen, located in Asia, is recognized as the poorest country in the world among the least developed nations. With a GDP per capita of $2,136, it faces significant challenges in accurately assessing its economic situation due to prolonged conflicts.
Which is the wealthiest nation in the world judged by GDP per capita country-wise?
In 2024, Ireland holds the top spot for being the wealthiest country in the world based on GDP per capita ranking. With a GDP per capita PPP of $145,196, it surpasses all other countries.
What is Purchasing Power Parity (PPP)?
Purchasing Power Parity (PPP) is an economic concept that involves comparing the values of currencies by considering a selection of goods, thereby equalizing their purchasing power and exchange rates across various countries.
What is the GDP per capita (PPP) of India?
In 2022, India’s Gross Domestic Product (GDP) per person (purchasing power parity) was recorded at $9.07 thousand.