Top 10 poorest countries in the world (Detailed Explanation) – The world’s ten poorest countries – The Poorest Country in the world – What country is #1 in poverty?
The world’s poorest countries are the least developed in terms of both economic and social development. Unemployment, instability in politics, low education lead to stagnation of economic development. Here are the top 10 poorest countries in the world of Top10theworld.com!
Burundi
- Income: 727 USD/person/year
Till now, Burundi is one of the poorest countries in the world. The poor industry is mainly the processing of agricultural products. The predominantly agricultural economy accounts for about 35% of GDP and employs more than 90% of the population. Burundi’s main exports are coffee and tea, accounting for 90% of foreign exchange earnings.
The GDP of Burundi has grown about 4% annually from 2006 to the present. However, there are currently hidden weaknesses (high poverty rate, weak legal system, poor transport network, overloaded utilities, etc.) In addition, low administrative capacity also threatens the economic reform plan of Burundi.
The Central African Republic
- Income: 746 USD/person/year
The Central African Republic is well-known as rich in gold, oil, uranium, and diamonds. However, after holding the title of the world’s poorest country for nearly a decade, this country shows some progress signs.
The Central African Republic’s economy is one of the least developed in the world. Agriculture accounts for a considerable proportion (55%) of the gross domestic product and is essentially subsistence agriculture. The unemployment rate of this country is more than 30%; the poverty rate is more than 80%.
The Democratic Republic of the Congo
- Income: 791 USD/person/year
The economy of the Republic of Congo is a mixture of village agriculture and cottage industries. However, the oil-based industrial sector is the mainstay of the economy, providing a significant source of revenue and exports for the government.
After the civil war, in October 1997, the government publicly expressed its interest in furthering economic reform, privatization, and renewed cooperation with international financial institutions.
The income distribution is unequal, focusing on only a few groups, while most people still live below poverty. The agriculture of this country contributes only 4.4% of GDP. The main agricultural products are rice, sugar, corn, vegetables, coffee, cocoa, peanuts, etc. The industry is mainly based on oil, with an output of 274.4 barrels/day.
Morocco – Top 10 Poorest Countries in the World
- Income: $1,234/person/year
Morocco, officially known as the Kingdom of Morocco, is a sovereign state located in the Maghreb region in North Africa. This country is characterized by harsh mountains, large desert regions, and a long coastline.
As one of the smallest countries in Africa, Morocco has made strides in improving economic growth and implementing critical structural reforms.
However, poverty is still widespread, and the Republic’s economy, which depends mainly on rain-fed crops, remains vulnerable to the weather.
Nigeria
- Income: $1,280/person/year
Nigeria is covered by the Sahara Desert and a rapidly growing population dependent mainly on small-scale agriculture. This country is under threat from desertification and climate change.
In addition, Nigeria’s economic development is hampered by military rule. One of the economy’s main drivers is the extraction of precious natural resources such as gold and uranium, which have also suffered from volatility and low commodity prices.
Moreover, Nigeria is known as the most populous country in Africa. However, the largest country in West Africa seems to have finally entered a new political and economic transition period.
Mozambican
- Income: $1,310/person/year
Mozambique’s economy has been devastated by guerrilla and civil wars that have lasted for 30 years. Up to now, Mozambican is one of the poorest countries in the world that needs international help.
A former Portuguese colony has plenty of land and water to grow crops and abundant energy and minerals. As a result, the world depends on it as an intermediary for global trade. Over the past 10 years, it has announced an average GDP growth rate of over 5%.
However, Mozambican remains among the poorest countries in the world. With large areas, the population of this country is continuing to live below the poverty line.
Liberia
- Income: $1,413/person/year
Africa’s oldest Republic also ranks among the poorest countries for the longest time. Founded in 1822, Liberia has been considered a settlement for slaves liberated from the United States and repatriated to Africa.
Although this country was formed by black slaves returning from North America to settle down, most Liberian people were aboriginals of 16 indigenous tribes. As a result, the political situation in Liberia was relatively stable for a long time, although there were some disputes between African Americans and Native Americans.
While the country has enjoyed peace and stability since the end of the civil war in 2003, Liberia’s government has failed to address severe systemic problems and structural challenges adequately.
South Sudan – One of Poorest Countries in the World
- Income: $1,613/person/year
Established in 2011, South Sudan is the youngest country globally, located in Africa, bordering 6 other countries. The country is rich in oil, but it has become one of the least developed regions on earth over the years of civil war.
Violence has continued to ravage this country. An estimated 400,000 people were killed in the clashes, and more than 4 million people were displaced.
South Sudan is also known as a very wealthy country. Still, with oil accounting for almost all of its exports, falling commodity prices and rising security-related costs have hampered its economy. Outside of the oil sector, most of South Sudan’s population is farming on a small scale.
Comoros
- Income: $1,662/person/year
In the Indian Ocean, north of the Mozambique Channel, Comoros is a natural paradise with pristine beaches and diverse forest vegetation. Economically, however, high unemployment, dependence on foreign aid, and technical assistance are such a nightmare.
Although the lava-encrusted soil is unsuitable for agriculture, some 800,000 people make a living from farming, with tourism, fishing, and forestry being among the other cornerstones of the economy.
Madagascar – Poorest Countries in the World
- Income: $1,699/person/year
Located in the Indian Ocean off the east coast of Africa, Madagascar is an island nation of more than 900,000 square kilometers. This country has received economic assistance programs from the World Bank and the International Monetary Fund for its privatization and participates in the African Development Assistance Act. This law allows goods from African countries to be imported into the US duty-free and unlimited in quantity.
However, Madagascar still faces many difficulties in meeting the standards set by these organizations. The economy of this island nation is still mainly based on agriculture, with 80% of the population number of participants in production. In 2011, Madagascar’s GDP per capita was only $467, making it one of the 11 countries with a GDP per capita below $500.
Currently, 77% of the country’s population lives in poverty, illiteracy, and poor health care, while the price of goods here is doubling.
An emerging country is an undeveloped country. If a country cannot develop, the population will be poor, and life will be difficult. Therefore, the governments of these countries need to have new policies to improve the economic status of their countries so that people’s lives are more stable.
=> Read More: Top 10 richest countries in the world: Which country is in 1st place?
Update: 11/2022