Illustrating the poorest countries of the world requires certain benchmark like PPP or Per Capita GDP. While scrutinizing the list of top poorest countries, the latest results from IMF were taken as reference. Some of them even don’t have the liberty to enjoy three meals every day. Most of them are debt ridden countries and their respective currency is falling down in comparison to US dollars. If those financial constraints are not enough; further these regions are becoming the breeding ground for rampant corruptions. When rich countries are building skyscrapers, those in poor countries are struggling to build brick and mortar houses. Please continue reading to find more about these poor countries below:
9. Afghanistan (GDP per Capita- $558.97)
Sharing its boundaries with more than four countries, Afghanistan is located in the Central Asia and South Asia. The population of the country is around 33 million. Most of its financials are derived from the funding from external sources. Despite agriculture being the main occupation, the country still faces external debts. More than 40% of the population is living below the poverty line. Only a few people are living above it. As the country has been ravaged by war for more than 40 years, the economy of the country is badly hampered due to wars. Moreover, the internal civil wars and terrorist hideouts have further worsened the situation.
8. Guinea (GDP per Capita- $534)
Also known as the Republic of Guinea, this country is located in western parts of Africa. The population of the country is over 10 million. It is believed to be rich in natural resources but due to the economic instability of the region, investors find it too risky to invest here. Even the infrastructure development is poor and makes it vulnerable to growth. More than 75% of the population is engaged in agricultural activities still it is not sufficient to feed the people. To meet the food demands the country imports it from its Asian counterparts. Due to non-fulfillment of demands made by IMF, Guinea was rejected by the IMF. Excessive corruption and unsuccessful attempts to complete the current projects have hampered the growth of Guinea.
7. Liberia (GDP per Capita- $491.65)
It has been declared by the UN that Liberia is a food deficit nation. Situated in the western parts of Africa, Liberia had been badly affected by the civil wars which ran for 14 years. It has started in 1999 and lasted till 2003, leaving the country badly fragmented. Most of the resources were wasted in the decade long civil war, shattering the economy of the country. Therefore, the citizens are depended on agriculture and it serves as the major occupation for them. More than 70% of the population is living below the poverty line. Even the income generation per person is going down and is a matter of serious concern.
6. Gambia (GDP per Capita- $490.6)
One of the smallest countries located in the western parts of Africa is surrounded by Senegal. The population of the country is 1.8 million and more than 50% of the mass is living under poverty line. The financial instability which has been haunting the nation for years had crippled the economy. Agriculture and fishing are the main occupations in the country. Due to bad weather conditions, the yield from farming is low and limited to few seasons. Major funding is contributed by the World Bank and IMF. Apart from the international bodies various other external sources and banks in the country also support the country financially. The standard of living and healthcare is also on the back foot in Gambia.
5. Congo (GDP per Capita- $474.28)
Surrounded by five countries, Republic of Congo lies in the western parts of Africa. With around 77 million people, it is one of the largest countries in Africa. Despite having large deposits of oil, its economy had been hampered due to fall in oil prices. It has a vast forest cover and cultivable land. Congo is bestowed with huge natural resources but the country’s economy is still backward due to an unstable political system. The political group is involved in mass corruption and major wealth lies in the hands of limited people only. Most of the population remains under the poverty line and are unemployed.
4. Niger (GDP per Capita- $ 409.14)
It has been named after the river Niger and is situated in the western parts of Africa. Around 80% of the country is covered by the Sahara Desert. The remaining portion of the country is affected by frequent droughts. High fertility rates combined with low yields in agriculture had further burdened the economy of Niger. Moreover, the healthcare facility and education sector are in poor conditions. With deposits of Uranium, it can improve its economy up to an extent. It has the largest accumulation of Uranium but due to a decrease in demand for Uranium, the country is left with minimum options for development. Most of the government’s budget is dependable on external resources.
3. Madagascar (GDP per Capita- $404.94)
One of the largest islands in the world, Madagascar is located near the south eastern parts of Africa. It is famous for its flora and fauna; and is home to some of the rare species in the world. After the political crisis which lasted from 2009-2013, the economy of the country was devastated. Some of its major income generators are eco-tourism and agriculture. This income is not evenly distributed among the masses and hence major part of the population lives in poor conditions. Some of the major problems faced by this country are the rise in inflation, drastic fall in exports and mounting debts.
2. Central African Republic (GDP per Capita- $399.79)
It is located in the central region of Africa and is surrounded by Cameroon, Sudan, Chad, and Congo. The country was fragmented due to year long war. Political instability is another problem adding to its economic misery. Due to the poor infrastructure facility, the movement of goods is also not possible. It is a major exporter of diamonds but the income generated remains limited to political parties and few elite groups. Apart from agriculture, the denizens of the country are depended on industries. Even the industrial workers suffer a lot due to inhospitable conditions, poor wages and long working hours.
1. Malawi (GDP per Capita- $322.48)
One of the tiniest nations of Africa is the Republic of Malawi. It is landlocked by other African countries and is located in the southeastern parts of Africa. The population of this country is around 16 million. Remaining behind in the race, this country is ranked as the poorest country in the world. Major problems are faced by the government of Malawi after the inflow of funds into the country has stopped after 2000. One of the leading occupations is agriculture. Basic healthcare facilities are an important requirement in this country as many people are suffering from AIDS here. This disease is already acting as a financial burden for the government.
The above list has been created by extensive research and data inferred from IMF. It represents the poorest countries in the world. Most of them belong to Africa and face similar economic problems. Corruption, civil wars, political instability and higher debt are making these countries poorer day by day.