Generally the economy level plays a major role and has a substantial impact on the countries development. Based on lower gross domestic product (GDP) per capita and purchasing power parity (PPP), a country can be stated as poorest country in the world. Literacy rate, resources, unemployment, industrialization, exploitation and financial status are some of the vital aspects which induce in a country’s economy level. Even in this modern technology world still some countries have not even met the basic standard living for an individual.
Whenever the economy and financial position of the country diminishes to a great extent then virtually it falls in the section of poorest nations in the world. If you look at the fact, in this modern era the rich people grows richer and the poor people further goes down rapidly. There are many countries yet not able to fulfill the least basic needs for a human being.
Top Ten Poorest Countries in the World Based on GDP
Population: 3.51 million
GDP per capita Nominal: $650
The famous part of Eritrea is the Suez Canal which is one of the important waterways in the world. It is a country with enormous natural resources but most of them are available under the land. The total area of Eritrea is nearly 45,406 sq mi. considering the environment and available resources of this country it is hard to understand why this nation is still placed in the list of poorest countries in the world. This happens mainly because of inadequate management system and poor government. Here mining of copper, gold, granite and marble are the main line of work but due to incorrect administration the economy level goes down rapidly.
Population: 13.2 million
GDP per capita Nominal: $631
The Guinea is a West African Country which covers a total area about 94,926 sq mi. whereas nearly 87 percent of the total populations were Muslims. Even though it has rich deposits of gold, diamond and some most valued metals, it still occurs in the lower GDP per capita income. Peoples here are mainly suffered by poor environment, corruption, illiteracy and bad resources which ruin them towards the toughest living condition for a human being. At present Guinea’s economy depends on alumina and bauxite exports and also approximately more than 82% labor follows agriculture’s.
Population: 5.12 million
GDP per capita Nominal: $588
Liberia is a West African country which has a population of over 5 million. It is a country which suffered a lot due to high corruption rate. Some individuals are earning more money in an illegal way and that affects the economic growth largely. The political imbalance and internal wars are the other reasons which lead them towards the worst environment to live. Mostly they look for foreign direct investment on rubber, timber, iron, etc., to develop their economy. More than 80 percent people are living way behind the poverty line and unemployment rate is almost touching 85%. Thus, sadly it comes under the category of world’s poorest country to live.
Population: 27.6 million
GDP per capita Nominal: $491
Madagascar is an illustrious island in the Indian Ocean and also 4th largest island in the world. This island has more than 27 million populations and it covers a total area of approximately 226,660 sq mi. Jobless peoples, lack of education, and some political crisis are the major reasons for economic weakness which hits the human lives badly. They depend on external assistance to survive and to meet their basic needs. More than 65% of population is placed below the poverty line and their earnings are less than $2 per day.
06. Democratic Republic of Congo
Population: 89.5 million
GDP per capita Nominal: $465
Congo is the second largest country in Africa which is located in the Central Africa. It is ranked as 11th largest country in the world with total land coverage of 905,567 sq mi. This country engages nearly 70% of the world’s mineral resources such as silver, gold, diamonds and so on. Regardless of the resources, many people over there are seeking for a job to fulfill their daily needs because other countries own almost $20 trillion worth of gold and diamond mines. The corruption, political imbalance, worst infrastructure and unemployment cause them to their huge downfall and rated as one of the poorest country in the world.