The Poorest Countries in the World
Introduction:
Millions of people around the world are impacted by poverty, which
is a serious problem. According to the UNDP, poverty is “a human condition
characterized by the continuous or chronic lack of the resources, capacities,
options, security, and power necessary for the enjoyment of an adequate quality
of living and other civil, cultural, economic, political, and social
rights.” The world’s poorest nations will be examined in-depth in the
sections that follow, with an emphasis on their social and economic indices.
Methodology
We combined economic and social variables, such as gross domestic
product (GDP) per capita, poverty rate, unemployment rate, inflation rate, and
access to essential services like healthcare and education, to identify the
world’s poorest nations. Reputable international sources, such as the World
Bank, the International Monetary Fund (IMF), and the United Nations Development
Programme, were used to gather the data (UNDP).
The Vicious Cycle of Poverty
One thing unites all these impoverished countries in this study,
and that is the cycle of poverty aka “the vicious cycle of poverty”. The supply
side of the vicious circle shows that productivity in developing nations is so
low that it is insufficient to support capital accumulation. According to
Samuelson, the reason why the less developed countries are unable to enhance
their standards of living is that their production is so low that they have
no money left over to invest in capital formation.
Due to the low amount of national income, there is little ability
to save. Poor productivity is reflected in low real income, which is mostly
caused by a lack of capital. The inability to conserve money leads to a lack of
capital, and the circle is closed.
The Top 10 Poorest Countries in the World
- Burundi
- Central African Republic
- Democratic Republic of the Congo
- Malawi
- Mozambique
- Somalia
- South Sudan
- Sudan
- Yemen
- Zimbabwe
Burundi: The Poorest Country in the World
With a GDP per capita of approximately $234, Burundi is the poorest
nation in the world. Economic hardship, civic unrest, and political instability
are all problems in the nation. More than 60% of people lack access to basic
services like healthcare and education because they are living in poverty.
Inflation is a significant issue, and unemployment is at a high level.
Central African Republic: A Country Plagued by Conflict
The Central African Republic has a low GDP per capita of $444 and
is afflicted by conflict. Recent civil unrest in the nation has had a
detrimental effect on both the population and the economy. In addition to
having inadequate access to essential services like healthcare and education,
more than half of the population lives in poverty. Inflation and unemployment
are both significant issues in the Central African Republic.
Democratic Republic of the Congo: A Wealth of Natural Resources,
But Little Prosperity
Despite having an abundance of natural resources like copper, gold,
and diamonds, the Democratic Republic of the Congo’s people is impoverished. Over 70% of people live in poverty, while the GDP per person is
$471. There are many people without access to essential amenities like
healthcare and education, and unemployment and inflation are also high.
Malawi: A Country Struggling with Poverty and Malnutrition
Malawi, a nation with a $459 GDP per capita, is battling poverty
and starvation. More than 60% of people lack access to basic services like
healthcare and education because they are living in poverty. In Malawi, there
are also significant issues with unemployment and inflation.
Mozambique: A Country with a Growing Economy, But High Poverty
Rates
With a GDP per capita of only $497, Mozambique is a developing
nation with high rates of poverty. More than 60% of people lack access to basic
services like healthcare and education because they are living in poverty.
Inflation and unemployment are both significant issues in Mozambique.
Somalia: A Country Plagued by Conflict and Instability
With a GDP per capita of only $439, Somalia is a conflict-ridden
and unstable nation. More than 70% of people lack access to basic services like
healthcare and education because they are living in poverty. Other significant
issues in Somalia include unemployment and inflation. The population and
economy of the nation have suffered greatly as a result of decades of civil war
and political unrest. It has also been challenging to address the poverty and
instability in the nation due to the absence of a functioning government and
the existence of armed organizations.
South Sudan: A Young Nation Struggling with Poverty and Conflict
South Sudan is a young country with a $366 GDP per capita that is
experiencing poverty and violence. More than 80% of people lack access to basic
services like healthcare and education because they are living in poverty. In
South Sudan, there are also significant problems with unemployment and
inflation. Since gaining its independence in 2011, the nation has been torn
apart by civil war, which has had a negative impact on both the population and
the economy.
Sudan: A Country Struggling with Political Instability and Economic
Hardship
With a GDP of only
$608, Sudan is a nation that experiences both political unrest and economic
distress. More than 40% of people lack access to essential services like
healthcare and education and live in poverty. Another two significant issues in
Sudan are unemployment and inflation. Political unrest and civil war have
afflicted the nation in recent years, having a negative influence on both the
populace and the economy.