Unveiling the Top 10 Poorest Countries in 2024
Did you know which country is the poorest in the world?
Which continent has the highest number of the world’s poorest countries?
Despite having an abundance of natural resources, some countries are going through extreme poverty. As per the data from the World Global Economy, the African continent is home to some of the world’s poorest countries.
The nations with the lowest GDP per capita will be the world’s poorest countries in 2024. Before we move on to the country’s details, let’s first understand the idea of GDP per capita and how a nation is rated using it before moving on to the list of the world’s poorest nations.
It is calculated by dividing the GDP of a nation by the total population. PPP GDP is the gross domestic product converted using purchasing power parity rates into a foreign currency, typically dollars.
The top ten poorest nations in the world, ranked by GDP (gross domestic product) as well as global economic disparities, have all been discussed in detail in this article. We will take you through the actual condition of the world’s poorest nations, from income disparity, and developmental challenges, to how foreign support affects these countries’ socioeconomic standing.
We can learn more about the top ten poorest countries in the world and the various difficulties they encounter, which will help us understand why their economies are having difficulty.
Let’s go through this list of 10 poorest countries in more detail and determine which nation is the poorest in the world based on GDP.
Here is the List of Top 10 Poorest Countries in the World, 2024
01. Burundi
- GDP: $3.4 billion
- Population: 13,269,272
Burundi ranks as the poorest nation in the world, ranking first both within Africa and worldwide. It has the lowest PPP GDP indicated above and a poverty rate of around 64.9%. One of the major reasons behind Burundi’s extreme poverty is war. The nation has seen numerous civil wars. The country has a unstable political structure that badly affects the nation’s overall growth.
Burundi has faced a total of five civil wars, resulting countless deaths and forced millions of people to flee their homes. Due to this, people are not able to work in agriculture, which is the foundation of the nation’s economy. Another key reason is the inefficiency of administrators to manage the available resources and public finances and utilize them in rapid population growth, which has always created challenges for the people in Burundi.
02. Central African Republic (CAR)
- GDP: $2.2 billion
- Population: 5,757,091
Despite the abundance of natural riches found in this nation, such as oil, uranium, diamonds, and gold, the Central African Republic is considered one of the poorest countries in the world. Over 71% of people in the nation live below the global poverty level, and over 40% of the populace experiences chronic malnutrition.
Because of the bloodshed and strife in the Central African Republic, almost 600,000 people have fled abroad. There is a history of hostilities between different religious organizations, political philosophies, and ethnic groups. Given that there are 882 pregnancy-related deaths for every 100,000 live births, the health issue is also quite concerning here.
03. The Democratic Republic of the Congo (DR Congo)
- GDP: $42.6 billion
- Population: 102,553,019
Congo holds abundant natural resources, including large amounts of arable land, hydropower potential, copper, and cobalt. However, this prosperity hasn’t benefited its people; in fact, the nation will be ranked among the world’s poorest countries in 2024. Approximately 60 million Congolese, or 73% of the population, survived on less than $1.9 per day four years ago.
That is to say, one person out of every six you encounter here is impoverished. Due to the nation’s history of conflict and political unrest, a large number of its citizens are internally displaced.
04. South Sudan
- GDP: $3.9 billion
- Population: 11,104,916
Because of its extremely poor standard of living, South Sudan is ranked in 4th position among the poorest nations in the world in 2024. Being a landlocked nation, the country’s location affects the poverty rate. It is next to impossible for foreign investors and humanitarian workers to enter this nation. Most of the country is blocked by poor roads, especially in the wet seasons.
Another major factor behind Sudan’s poverty is corruption. Businessmen with huge capital for investment always use their capital for their own benefit, and they always ignore the interests of many others who should have benefited from it. The nation is impoverished. Sixty-six per cent of people live in extreme poverty, and things haven’t gotten any better since about seven years ago.
05. Somali
- GDP: $7.5 billion
- Population: 18,192,151
Another significant name on the list of the top 10 poorest countries in the world is Somali. The root cause of poverty in this nation lies outside the purview of government support for its people. The nation is impacted by climate change, and they lack the tools required to effectively mitigate its impacts.
Furthermore, the nation is mostly dependent on cattle and agriculture. The nation once saw two seasons of extremely low rainfall, with such dire situation that over half of the population required humanitarian support.
Because of this, hunger is a serious threat to the people of Somalia. In two days, 110 people in a community in the country perished from malnutrition and drought. The country’s rural parts are the ones most impacted by the drought.
06. Niger
- GDP: $9.2 billion
- Population: 27,291,636
Niger, a West African nation, goes through many economic challenges. It is one of the world’s poorest nations in 2024, located at the edge of the Sahara. Over 45% of Nigeriens live below the global poverty line. The birth rate of 7.4 children per woman is the primary cause of this nation’s poverty.
Here, the rapidly expanding population is one of the problems. Family planning is not a significant topic among the women here. Due to their ignorance, they believe it will have an impact on their bodies. Food shortages result from the country’s agricultural sector being negatively impacted by drought.
Niger last experienced a drought in 2010, and it still has an impact on people today. There won’t be many jobs available during food shortages, placing this nation among the poorest in the world. It is also one of the hottest countries in the world.
07. Burkina Faso
- GDP: $19.93 billion
- Population: 23,840,247
Burkina Faso is a low-income nation located in sub-Saharan Africa. Around 90% of the total population in the nation resides in rural areas. Burkina Faso’s poverty affects people in cities as well, particularly in rural areas. Agriculture is the only source of income for people living in rural areas. Depending on agriculture for their living, they have an uncertain income source.
The inconsistent rainfall around the nation is a major issue. This nation’s agricultural system is outdated and fragile, which contributes to the high rates of child malnutrition and food insecurity. These are the primary reasons why Burkina will be considered one of the poorest countries in the world in 2024.
08. Liberia
- GDP: $10.9 billion
- Population: 5,428,692
Another nation with huge natural resources but still poor, Liberia is renowned for its natural hubs of gold, rubber, diamonds, lumber, and iron ore. Here, corruption and turmoil in the government are the main causes of poverty.
This community endures a 14-year civil war. The nation has made some progress since then, but there have been few opportunities to return to normal civilian life. Over two hundred thousand people have died in the battle. Poverty and violence, including the use of children as combatants, are the results of the war.
In this region, 64% of people are considered impoverished. The nation has not utilized its natural resources to the advantage of its people because of corruption.
09. Chad
- GDP: $10.9 billion
- Population: 18,327,841
One of the primary causes of Chad’s ranking among the world’s poorest nations in 2024 is the country’s inconsistent climate change. The climate can swing dramatically from flooding to drought and back again to intense rain.
Imagine if the nation experienced a drought for an entire year, and then the following year, rain was abundant, causing flooding. Now, how can such a nation prosper and deal with agriculture?
The nation’s public services, including the health care system, are in bad condition. There were just 345 doctors in the entire nation a few years ago, or 0.4 doctors for every 10,000 inhabitants.
10. Madagascar
- GDP: $16.03 billion
- Population: 31,056,610
Madagascar is the fifth-biggest island in the world and is rich in natural resources. Still, it is counted among the world’s poorest nations. The majority of people—that is, 75% of the population—live in extreme poverty, meaning they make less than $1.90 per day.
The World Bank estimates that over 25 million people live below the global poverty level. Children living in poverty have numerous challenges; according to UNICEF, half of children under five experience chronic malnutrition.
Since everyone in this community is affected by poverty, children are also compelled to work hard rather than attend school. Being an island, Madagascar is particularly susceptible to cyclones due to the rising sea levels. As a result, people live in a country that mostly depends on farming and fishing and suffer from food insecurity and drought.
Summing Up…
These were the top 10 poorest nations in the world. Most of these countries have faced difficulties, such as poor infrastructure, unstable political systems, and restricted access to resources. GDP is a primary measure to understand the actual state of any nation, and GDP depends on several aspects, including economic disparity, social development, and quality of life measures.
Our world’s poorest countries list is crafted to educate you on the poorest nations across the world, the primary reasons behind their condition and their GDP rate (The data has been collected from different resources so it may differ from the current data).
Add Business Connect magazine to your Google News feed
Must Read:-
- Top 10 Adorable Gifts for Your Special One
- Top 10 Countries with Maximum Indian Population as Citizens
- Top 10 highest-paid CEO in the World
- Top 10 richest people of India
- Top 10 Highest-Paid CEOs of India
