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Top 10 Poorest Countries In The World 2024 Top 10 List, Rank, Country And GDP-PPP ($)

Top 10 Poorest Countries In The World

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.

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