By Chico Mies.
The list of the ten poorest countries in the world for 2024 includes South Sudan, which is recognized as the youngest nation globally, having gained independence in 2011. This country faces significant economic challenges, political instability, ongoing conflicts, and inadequate infrastructure that hinder its development.
A List of the Ten Least Affluent Nations Globally Based on GDP Per Capita:
Earlier this year, the International Monetary Fund (IMF) forecasted that the global economy is anticipated to maintain a steady yet cautious trajectory in 2024–25, with a projected growth rate of 3.2%.
This assessment highlights the economy's recovery and resilience amid the disruptions caused by COVID-19 and ongoing geopolitical challenges.
It is noteworthy that advanced economies are experiencing a slight uptick in growth, whereas emerging markets and developing economies are expected to face a modest deceleration, with growth rates declining from 4.3% in 2023 to 4.2% in both 2024 and 2025.
As we approach the conclusion of 2024, with only a few months remaining, the International Monetary Fund (IMF) has published its most recent forecasts, categorizing countries according to their purchasing power parity (PPP) per capita.
It is important to highlight that Europe and Asia are prominent in the rankings of the world's wealthiest nations based on GDP per capita, with Luxembourg at the forefront as the richest country, exhibiting a GDP per capita of $143,742, as reported by the IMF.
In spite of the considerable wealth present worldwide, nations in Africa persist in grappling with severe poverty.
The International Monetary Fund forecasts a slow and costly recovery for economies in sub-Saharan Africa, with modest growth anticipated to increase from 3.4% in 2023 to 3.8% in 2024, and further to 4.0% in 2025.
Nevertheless, not all elements are favourable, and the outlook continues to face significant risks tilted towards the negative, such as funding constraints, elevated borrowing expenses, and forthcoming debt obligations.
South Sudan, recognized as the youngest nation globally, gained its independence in 2011 and faces significant economic challenges, political turmoil, ongoing conflicts, and inadequate infrastructure that hinder its development.
With a population exceeding 11 million, the country predominantly depends on traditional agriculture, which is often disrupted by warfare and adverse weather conditions, perpetuating poverty and contributing to its status as the poorest country in the world in 2024.
These smaller and less powerful nations face challenges due to their limited resources, underdeveloped financial systems, and unfavourable tax policies, which collectively hinder foreign investment and impede economic growth.
This situation is similarly observed in larger African countries such as the Democratic Republic of the Congo and Mozambique, which face significant poverty challenges stemming from internal conflicts, political instability, and insufficient infrastructure, all of which impede their economic development.
The following list presents the countries with the lowest GDP per capita in the world for the year 2024.
Rank | Country name | GDP per Capita | Continent |
1 | South Sudan | $455.16 | Africa |
2 | Burundi | $915.88 | Africa |
3 | Central African Republic | $1,200 | Africa |
4 | Democratic Republic of the Congo (DRC) | $1,550 | Africa |
5 | Mozambique | $1,650 | Africa |
6 | Niger | $1,670 | Africa |
7 | Malawi | $1,710 | Africa |
8 | Liberia | $1,880 | Africa |
9 | Madagascar | $1,980 | Africa |
10 | Yemen | $2,000 | Asia |
Source: International Monetary Fund (IMF), as of September 2024
Tags
Blogging