In 2024, economic inequalities persist globally, with several nations experiencing substantial difficulties in Gross Domestic Product (GDP) per capita.
While GDP per capita is commonly used as a metric, adjusting for variations in living costs and inflation rates through purchasing power parity (PPP) provides a more accurate measure of an individual’s purchasing power within a country.
In a previous report, TimesNow.com.ng had listed the top countries where the poorest peoples of the world can be found.
Data provided by Global Finance provides an insight into the top 10 countries with the lowest GDP per capita, shedding light on the economic circumstances that characterize their positions in the international arena.
Here is a list ranking the ten poorest countries, starting from the country ranked tenth and progressing to the poorest country in the world for 2024.
GDP: $10.42 billion
Population: 17.6 million
Somalia has endured a recurring cycle of crises over the past few decades, marked by severe droughts, conflict, widespread hunger, and fragile governance.
Approximately 70% of Somalis live below the poverty line, and 90% experience “multidimensional poverty,” which encompasses low income, limited education access, and inadequate infrastructure.
Despite slight GDP growth averaging around 2% annually in recent years, per capita GDP has declined by approximately 0.8% annually.
GDP: $16.77 billion
Population: 25.6 million
Since gaining independence from France in 1960, Madagascar, an island nation off the southeastern coast of Africa, has experienced multiple political crises and military coups.
The current constitution, established in 2014, has brought a period of relative political stability.
Despite being rich in natural resources, the country grapples with internal instability and external interference, hindering the full utilization of its resources. Mining and tourism are significant contributors to its GDP.
GDP: $4.59 billion
Population: 5,492,486
Liberia’s enduring poverty is fueled by violent conflicts, such as civil wars and Ebola outbreaks, leading to unstable infrastructure and limited services.
Forced migration disrupts agricultural activities, contributing to food insecurity.
