List of Top 10 Poorest Countries In The World, GDP per capita also represents a country’s average income of every person living in a country as a measure of living standards.
This is the traditional way to compare the relationships between impoverished and wealthy nations. With the end of 2018, we decided to look at our 2019-2023 GDP per capita projections for the 127 countries we cover to get a sense of what are the poorest countries at present, and which will leap to become prosperous in the years to come.
The forecasts used in this analysis include Consensus predictions based on individual assessments by more than 1000 world-renowned investment banks, financial think tanks, and careers.
Today we will be talking about the top 10 poorest countries in the world.
Table of Contents
10). UZBEKISTAN (GDP: 1350 USD)
The last GDP per capita is expected to reach Uzbekistan at USD1350. according to 2019 GDP per capita. Between 2004 and 2016, the economic growth of the country was high, removing significant parts from poverty.
As the commodities-rich country, Uzbekistan has received support from high commodities prices and increased gas, gold and copper exports, which has led to State revenues which have financed significant increases for private investment and salaries.
Ironically, during the period of 2013 to 2016, the value of energy plummeted, together with Russia and China, which had an adversely affected economy, as their main trading partners.
Given the worsening of the external environment, the government’s countercyclical fiscal and monetary policies led to growth slowing only slightly.
9). KYRGYZSTAN (GDP: 1266 USD)
The ninth country on the list with GDP per capita of USD 1266 expected for 2019 is Kyrgyzstan.
The Kyrgyz Republic has recently adopted a legislative rule in 2011, an authoritarian, mostly mountainous country with just over 6 million inhabitants.
The country’s current government has undergone significant political and social turmoil with poor governance and high levels of corruption since independence in 1991. However, the public sector still has corruption which is restricting the economic growth potential of the country.
Kyrgyz is also vulnerable to foreign impacts, due to its overreliance on its huge gold mine, Kumtor, which accounts for approximately 10% of GDP, and remittances, contributing approximately 30% of GDP.
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8). TANZANIA (GDP: 1159 USD)
Tanzania, with the projected US dollar 1159 GDP per capita for 2019, is the eight poorest countries in the chart. Over the last ten years, Tanzania’s economy has shown an average annual growth of 6% to 7%.
The World Bank has also stated that poverty has steadily declined, but, due to the high population growth rate over the century, the total number of people living in poverty did not decrease.
Tanzania’s economic prospects remain strong on infrastructure investment, business environment change, agricultural productivity growth and other variables, and growth prospects for next year.
Sustained investment and development in the services sector in the light of rising visitor inflows will help to maintain a robust economy. In 2019, which is unchanged from last month’s prediction, FocusEconomics is forecasting GDP to rise by 6.5% and in 2020 by 6.4%.
7). ETHIOPIA (GDP: 1122 USD)
With the number seven now on the list back in Africa and close to the Middle East and its economies, Ethiopia sits in the horn of Africa, which offers them a geographical border.
Although legally closed, Djibouti is a small neighborhood on the border, it is the main port.
As of the turn of the century Ethiopia has grown rapidly and is currently the fastest developing country in Africa, but highly disadvantaged, as shown by its expected 2019 per capita GDP of only 1122 USD.
According to the World Bank, over 55% of people living in extreme poverty dropped to 33.5% in 2011 as well as Ethiopia’s rapid economic growth, the nation said.
In Ethiopia, however, there needs to be significant public unrest over Ethiopia’s authoritarian regime to sustain economic growth and poverty reduction. Good governance.
6). HAITI (GDP: 923 USD)
Haiti is on the sixth list, with an anticipated GDP of USD 923 per capita. At 90% of the country’s population at risk according to the World Bank, Haiti is extremely vulnerable to extreme weather and natural disasters.
The country, including the economy, is affected by these natural disasters more than one. For example, 32 percent of the country’s GDP was destroyed by the 2010 earthquake.
While the new President Jovenel Moïse took office in February last year, and new parliaments and the cabinet had already been approved later this week, which would allow the government to speed up the transition and implement social programs, to achieve sustainable development for the entire population of Haiti, the country remains the poorest among the Americas.
The last household survey (ECVMAS 2012) indicates that over US$ 2.41 million per day and over USD 2.5 million of 10.4 million Haitians are living below the national poverty line at USD 1.23 per day.
5). YEMEN (GDP: 913 USD)
Yemen is experiencing a massive civil war causing a disastrous humanitarian crisis, a crisis that goes much further than explaining the place of the country in the list of the world’s poorest countries.
The GDP per capita for Yemen in 2019 is expected to amount to US$ 913. Basic services are on the brink of collapse across the country, as half the population now lives in conflict-inflicted regions and millions of Yemenis have been forced to move.
According to the United Nations, Yemen is also facing the worst famine in a century with 14 million people at risk of hunger.
The fighting only intensified following peace talks in September did not get off the ground. Following a USD 200 million injection of cash from Saudi Arabia into Yemen’s central bank in October, the unofficial exchange rate has been depressed in recent weeks, although Yemenis across Yemen have been calling for better living conditions.
4). TAJIKISTAN (GDP: 861 USD)
Taiwan has the fourth-highest per capita GDP per capita of USD 861 in the ranking of the poorest countries.
Yet shortly after the collapse of the Soviet Union, there broke out civil war, lasting five years until 1997 Tajikistan gained independence.
Since that date, the country’s economy has grown in political stability and foreign aid, which have reduced poverty quite remarkably.
The World Bank has shown that between 2000 and 2009 inequality reduced from over 83% to 47% and between 2012 and 2016 decreased from 37% to 30% more.
Since then, the decrease in inequality has, sadly, stagnated, but by 2019, the growth is expected to slip from 30 percent to 25 percent.
3). UGANDA (GDP: 759 USD)
With a forecast USD 759 per capita GDP in 2019, Uganda is ranked third. Though this is a big jump from the first two grades of the chart, Uganda is somewhat unusual.
The ruling party National Resistance Movement (NRM) has initiated after an armed conflict in 1986 a number of structural reforms and investments leading through a period of major economic development and poverty reduction.
Global growth has slowed over the last five years or so, and thus increases the rate of unemployment. A number of factors have contributed to the downturn but this is mainly due to unfavorable weather, private sector credit restrictions, weak implementation of public sector projects and instability in its neighbor, South Sudan, which has overflowed the world with refugees who have fled and exports have been suppressed.
The World Bank claims that if Foreign Direct Investment accelerates, the Banking System stabilizes and predicts that capital spending is carried out without delay, economic activity will start to recover again, leading to poverty reduction.
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2). MOZAMBIQUE (GDP: 501 USD)
Mozambique is the world’s second poorest country with a projected per capita GDP of 502 USD per year in 2019.
The ex-colony in Portugal has high hopes that its economy will change itself on the basis of the 2011 outlook on plentiful natural gas fields.
Recently, with the authorization of a US $20 billion Anadarko liquefied natural gas project in early 2018 to tap the country’s large natural gas reserves, the country took an important step forward.
Focus on Economics Panelists forecast increases of 3.5 percent in 2018 and 4.1 percent in 2019, respectively, as a result of higher rates for natural gas in the year.
1). DEMOCRATIC REPUBLIC OF CONGO (GDP: 475 USD)
The DRC is rich in natural resources, but it is the poorest country in the world, sadly foreseen to be GDP per capita for 2019 of USD 475.
Severe political unrest has taken place in the past few years when expectations have come to a feverish turn in 2018 for President Joseph Kabila, who took office following his dad’s murder in 2001.
In a controversial election in 2011, Kabila was re-elected and several times has postponed the elections.
Kabila eventually said in August that he was not going to be reelected and named a nominee to lead the elections.
On 23 December, the next presidential election was called, and on 11 November, following lengthy discussions in Geneva, the opposition parties chose MartinFayulu, the well knows entrepreneur and former legislator.
Fayulu was one of the most outspoken opponents of the near grip on power of President Joseph Kabila. Although strong investment in the extractive industries helped solid growth, the long-running elections resulted in a volatile business environment and a downturn in overall business operations.
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