Top 10 poorest countries in the world by GDP per capita in 2024

Want to know about the poorest countries in the world? This article lists the bottom ten economies by GDP per capita

Top 10 poorest countries in the world: We are usually curious to know the world’s top this and that. Especially when the question of what are the rich nations and what are the poor nations comes, it can be said that all of us are a little bit more interested in knowing about this. So come on, through this article let’s find out which are the ten poorest countries in the world according to current 2024 GDP per capita income.

Before knowing what are the top ten poorest countries, let’s briefly understand how these rankings are determined and what criteria are taken into consideration.

GDP stands for Gross Domestic Product and simply means the total domestic product. It basically represents how much a country produces its total goods and services annually.

The population of the country is also considered while ranking in this regard. This population is an important factor in calculating GDP per capita income. That is, GDP per capita is the ratio of a country’s GDP divided by its population.

One point to be noted here is that GDP is not the only source for calculating wealth or poverty. Although this is important, inflation in a country differs from one country to another.

PPP can also be considered in this context. It refers to Purchasing Power Parity. Comparing this with inflation may give some clarity to the overall picture.

Top 10 poorest countries in the world 2024

Country PPP (int)
South Sudan $515.75
Burundi $891
Central African Republic $1130
Somalia $1370
Democratic Republic of the Congo $1,474
Mozambique $1,556
Niger $1,600
Malawi $1,682
Chad $1,797
Liberia $1,798

1. South Sudan

South Sudan

GDP: $3.9 billion

Population: 11,104,916

This country became independent in 2011 and is currently the youngest country in the world. But in reality this country is facing a serious economic crisis. Due to political instability, constant insurgencies, lack of infrastructure, development is at a very low level here.

2. Burundi

Burundi

GDP: $3.4 billion

Population: 13,269,272

Burundi is a landlocked country in East Africa. Here too, there is a lot of political instability, riots, socio-economic problems and challenges that are eating away at the country and the country is facing economic problems.

This country, which has seen a large population in a short period of time, is deprived of sufficient development works and basic facilities. Food security is also a major problem in the country as most people depend on agriculture.

3. Central African Republic (CAR)

Democratic Republic of Congo

 

GDP: $2.2 billion

Population: 5,757,091

As in most African countries, there is lack of infrastructure, political instability and insurgencies. The country’s wealth in gold, oil, uranium and diamonds on the one hand, and the widespread poverty experienced by its citizens on the other, contrasts with its status.

It is facing economic problems due to the war in Russia Ukraine, rising inflation and extreme droughts and droughts the country has seen.

4. Somalia

Somalia

GDP: $7.5 billion

Population: 18,192,151

Somalia is a country that has been witnessing human killing, constant insurgency, instability etc. for a long time. Absence of proper governance system, extreme poverty, insurgency, lack of infrastructure are eating away at this country.

5. Democratic Republic of Congo

Democratic Republic of Congo

GDP: $42.6 billion

Population: 102,553,019

It is the largest country in sub-Saharan Africa. It has natural reserves of cobalt and copper, although the country is facing an economic crisis. A large proportion of the country’s population still lives in poverty, earning less than $2.15 a day.

6. Mozambique

Mozambique

GDP: $3.3 billion

Population: 33,980,890

Once a Portuguese colony and a treasure trove of resources, this country is not as densely populated as most African countries. The country is facing an economic crisis due to rampant natural disasters, diseases and recent overpopulation.

7. Niger

Niger

GDP: $9.2 billion

Population: 27,291,636

This West African country is facing a lot of economic problems due to frequent droughts and the resulting poverty problem. Much of it is in the desert and the country is struggling economically as natural resources are scarce.

8. Malawi

Malawi

GDP: $6.9 billion

Population: 21,039,999

Located in South West Africa, this country is famous for its mesmerizing natural sceneries. The country is heavily dependent on rain-fed agriculture. Therefore, the extreme weather can give a big blow to the country’s economy.

9. Chad

Chad

GDP: $10.9 billion

Population: 18,327,841

Despite having oil reserves, this African country faces high poverty rates and serious economic challenges. A country that relies on rain-fed agriculture suffers a lot when extreme weather conditions occur.

10. Liberia

Liberia

GDP: $10.9 billion

Population: 5,428,692

Plagued by civil unrest, violence and epidemics like Ebola, the country has limited infrastructure and services. Also, the migration that has occurred here has also given a shock to the agricultural sector of the country, which is also causing the problem of food security. It can be said that many global programs of the World Organization are trying to improve the situation here.

Poorest Countries in Each Continent

The section below lists the poorest country in the following continents: Africa, Asia, Australia, Europe, North America and South America.

Poorest Country in Africa

The poorest country in Africa is South Sudan.

Poorest Country in Asia

The poorest country in Asia is Nepal.

Poorest Country in Australia

The poorest country in the continent of Australia is Papua New Guinea.

Poorest Country in Europe

The poorest country in Europe is Ukraine.

Poorest Country in North America

The poorest country in North America is Haiti.

Poorest Country in South America

The poorest country in South America is Venezuela.

FAQs

1. Which is the world’s poorest country in Asia?

Among the poorest countries in the world, the world’s poorest country in Asia is Yemen, with a GDP per capita of $2,136. However, years of ongoing conflicts make it hard to determine precise economic figures for assessment.

2. Which is the wealthiest nation in the world judged by GDP per capita country-wise?

Ireland is the richest country in the world by GDP per capita ranking in 2024, with the highest GDP per capita PPP of $145,196.

3. What is Purchasing Power Parity (PPP)?

Purchasing Power Parity (PPP) is an economic theory comparing currency values based on a basket of goods, equalizing their buying power and exchange rates between different countries.

4. What is the GDP per capita (PPP) of India?

As of 2022, India’s GDP per capita (PPP) stood at $9.07 thousand

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