The world is far from eradicating poverty especially with the endless terror attacks and presence of corrupt politicians that has crippled the world’s economy. It is very sad that despite effort from several non- profit organizations, some countries of the world are still drowning in poverty.
Our list today comprises of countries around the globe whose Gross Domestic Product (GDP) per capita has crippled in the last few years.
As at 2016 here are the poorest countries in the world
Malawi is the world’s least-developed country. Around 85% of the population live in rural areas. The economy is based on agriculture, and more than one-third of GDP and 90% of export revenues come from this. In the past, the economy has been dependent on substantial economic aid from the World Bank, the International Monetary Fund (IMF), and other countries.
Malawi’s yearly GDP per person is $226
Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The economy is predominantly agricultural; agriculture accounts for just over 30% of GDP and employs more than 90% of the population.
Burundi’s primary exports are coffee and tea, which account for 90% of foreign exchange earnings, though exports are a relatively small share of GDP.
Burundi’s yearly GDP per person is $267
3 Central African Republic (CAR)
CAR’s per capita income is often listed as being approximately $400 a year, one of the lowest in the world, but this figure is based mostly on reported sales of exports and largely ignores the unregistered sale of foods, locally produced alcoholic beverages, diamonds, ivory, bushmeat, and traditional medicine. For most Central Africans, the informal economy of the CAR is more important than the formal economy. Export trade is hindered by poor economic development and the country’s landlocked position.
4 Niger (yearly GDP per person $415)
Niger’s economy centres on subsistence crops, livestock, and some of the world’s largest uranium deposits. Drought cycles, desertification, a 2.9% population growth rate, and the drop in world demand for uranium have undercut the economy.
The country is so poor that in December 2005, it was announced that Niger had received 100% multilateral debt relief from the IMF, which translates into the forgiveness of approximately $86 million USD in debts to the IMF, excluding the remaining assistance under HIPC.
Nearly half of the government’s budget is derived from foreign donor resources.
5 Liberia (yearly GDP per person $454)
Liberia is one of the world’s poorest countries, with a formal employment rate of 15%.GDP per capita peaked in 1980 at US$496, when it was comparable to Egypt’s (at the time. In 2011, the country’s nominal GDP was US$1.154 billion, while nominal GDP per capita stood at US$297, the third-lowest in the world. Historically, the Liberian economy has depended heavily on foreign aid, foreign direct investment and exports of natural resources such as iron ore, rubber and timber.