The globe has enough wealth and resources to ensure that the entire human race enjoys a decent standard of living. However, people in countries such as Burundi, South Sudan and the Central African Republic still live in extreme poverty. As for other potential contenders for the unwanted title of the world’s poorest country at the moment, such as Afghanistan, Syria and Eritrea, years of political instability and conflict make it impossible to even attempt an assessment due to the lack of reliable economic figures.
While GDP per capita is often considered the benchmark, compensating for differences in cost of living and inflation rates using purchasing power parity (PPP) can better assess the purchasing power of an individual in any given country.
Here is the list of the world’s poorest countries in 2024
1. South Sudan
South Sudan, one of the youngest countries in the world, having gained independence in 2011, faces significant economic challenges with limited infrastructure.
Dependent on traditional agriculture, the country is facing severe climate change. As a result, poverty is on the rise in this country of 11 million people.
2. Burundi
A small country in East Africa is struggling with socio-economic challenges. Burundi’s economic growth has slowed down due to rapid population growth.
With 80 per cent of the population dependent on agriculture, food insecurity in Burundi is extremely high.
3. Central African Republic
Central African Republic is plagued by armed conflict. The country’s wealth of natural resources such as gold, oil, uranium and diamonds contrasts sharply with the poverty of its citizens.
Intense cycles of floods and droughts also contribute to CAR’s economic conditions.
4. Democratic Republic of Congo
Although the DRC is rich in natural resources such as cobalt and copper and is the largest country in sub-Saharan Africa, the majority of the DRC’s population lives on less than US$2.15 per day.
The country’s development is hampered by limited access to education and health services, malnutrition, and high fertility rates.
5. Mozambique
The country is plagued by natural disasters, diseases, high population growth, low agricultural productivity and social inequality.
The situation is further exacerbated by attacks by rebel groups in the northern region of Mozambique.
6. Malawi
Madagascar is known as a country that favours rain-fed farming systems. As a result, this Southeast African country is vulnerable to climate change and fluctuations in food commodity prices.
7. Niger
With limited natural resources and suffering from drought, as 80 per cent of the country is surrounded by the Sahara Desert, Niger has limited natural resources and suffers from drought.
Most of the population relies on small-scale agriculture, which is prone to failure due to climate instability.
8. Liberia
Poverty in Libya is a result of the civil war and the outbreak of diseases such as Ebola, which led to unstable infrastructure and limited public services.
In addition, forced migration in Liberia disrupts agricultural production and contributes to food shortages.
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9. Madagascar
The island nation off the southeastern coast of Madagascar is one of the poorest countries in 2024. The island nation off the southeast coast of Africa has experienced several military coups and political crises since independence from France in 1960.
The internal situation has been exacerbated by political instability and limited human resources.
10.Yemen
The country of about 35 million people, one of the poorest on the Arabian Peninsula, has been mired in conflict as a result of a power struggle between the Saudi-backed government and the Houthi rebel movement since late 2014. Over 150,000 people have been killed, the war has devastated the economy and destroyed critical infrastructure. As a result, more than 80 per cent of the population in this oil-rich land now lives in poverty.
