The Poorest Countries in The World
The ranking is based on the countries’ (GDP) per capita, adjusted for purchasing power parity (PPP). which stands for purchasing power parity, is used to compare the price difference of goods between countries. The idea is that PPP should give a better picture of the standard of living, taking into account the cost of living and inflation in countries
10. Madagascar
- PPP per capita: 1.504
About 70 percent of Madagascar’s population lives in poor conditions. The economic situation is chaotic due to deep-rooted corruption and political instability.
The main industry is agriculture. Coffee and vanilla are among the country’s largest exports. Despite attempts by the World Bank to stabilize Madagascar’s economy in the 1980s, political conflicts in the country have caused several setbacks since then.
9. Eritrea
- PPP per capita: 1.321
Since the declaration of independence in 1993, Eritrea has faced major financial problems. The country, whose main industry is agriculture, has been repeatedly hit by drought disasters, which has hit the economic situation hard. Since 1998 it has also been selected not to receive any support from other countries.
Between 1998 and 2000, the disputes with neighboring Ethiopia continued, which among other things led to a halving of food production. Even so, the country’s GDP is improving, largely due to a newly opened gold mine and cement production. The poorest countries in the world.
8. Guinea
- PPP per capita: 1.271
Guinea has Africa’s greatest mineral resources. Nevertheless, the country is one of the poorest in the world and completely dependent on international aid. The unrest and fighting near the border areas of Sierra Leone and Liberia have created insecurity and a loss of foreign investment.
7. Mozambique
- PPP per capita: 1.228
Mozambique is located on the east coast of South Africa. The country suffered war for freedom from Portugal and bloody civil war before peace was made in 1992. Around a million people had lost their lives.
Since then, the country has had relatively good economic development and political stability. Nevertheless, a large part of the population lives in great poverty. The poorest countries in the world.
6. Malawi
- PPP per capita: 1.139
Malawi is one of the least developed countries in the world and the country has suffered repeated mass violence. It is estimated that over 90 percent of the population is dependent on agriculture, with tobacco accounting for more than half of the country’s export goods.
Malawi’s economy is largely dependent on support from other countries, although the country’s economic situation has improved since the agrarian reform in 2005.
5. Niger
- PPP per capita: 1.113
Niger consists largely of desert and peninsula and most of the population live in the south of the country. The living conditions of the population are considered to be very poor. The economy is based on uranium exports, of which the country is one of the largest deposits in the world.
Only 30% of the population have literacy skills and more than half of the country’s children are malnourished.
4. Liberia
- PPP per capita: 882
Civil war and corrupt domestic politics have destroyed large parts of Liberia’s economic resources and mainly affected the country’s infrastructure. The poorest countries in the world.
As a result of the ongoing civil war, many businessmen and skilled workers have relocated to the country, bringing in both capital and expertise. At least 80 percent of the population lives in poverty and today they are trying to rebuild the country after many years of oppression under former dictator Charles Taylor.
Liberia recently resumed its earlier exports of ore and diamonds, but what the future holds for the country’s economy is uncertain, to say the least.
3. Burundi
- PPP per capita: 818
Burundi is a country with few natural resources, which also lacks the coast and which has a very underdeveloped industrial sector. The country’s largest exports are coffee and tea, and sweet potatoes, rice, and oil deposits are produced in Lake Tanganyika.
Burundi has at times been rocked by civil war, and as a result, poverty is extreme, the level of education is low, the judicial system is weak and domestic politics are badly corrupted. Only half of the children go to school and there is a shortage of food at times.
Despite the above problems, attempts have been made to reform the country’s economy and there has been a slight increase in the country’s GDP in recent years.
2. The Democratic Republic of the Congo
- PPP per capita: 784
Many years of war and corruption have dramatically worshiped the economic situation in the Democratic Republic.
1. The Central African Republic
- PPP per capita: 656
Agriculture and forestry are the Central African Republic’s main industries, and the majority of the population lives on self-sufficient farms.
In the past, diamond exports made up more than half of export earnings, but have recently been heavily affected by illegal diamond smuggling. The differences between high and low earners are large, mainly due to failed economic policies.
The country’s economic growth is further hampered by poor infrastructure with poor transport networks and unskilled labor. so these are the poorest countries in the world.
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