There are so many ways in measuring a country’s poverty but economists mostly prefer using Gross Domestic Product or GDP at purchasing power parity or PPP. This type of measurement deals with the comparison of countries’ standards of living by considering the country’s inflation rates and cost of living.
Basing on the data that was released by the International Monetary Fund or IMF, here is a list of the 10 poorest countries over the world.
10. Afghanistan – $1,072.19
Afghanistan is the only country in the list that is not African. Its wealth was greatly affected and destroyed by the decades of war it encountered. Afghanistan has an unemployment rate of 35%. Almost half of its people earn less than a dollar a day.
9. Madagascar – $972.07
You might have heard of the movie “Madagascar” or even have watched it in cinemas. The movie depicted a cheerful animated movie but it is the opposite of what the people of Madagascar is experiencing. Tragic political strife and severe poor governance have made the country suffer. This results to having 70% of the population earn only one dollar a day.
8. Malawi – $893.84
Due to virtual non-existence of investments from foreign countries and high inflation, poverty existed in Malawi. In order to survive, Malawi now heavily relies on finances by donors like the IMF.
7. Niger – $853.43
80% of the country is part of the Saharan desert which makes progress so hard to achieve. Factors like institutional fragility, political instability, and gender inequality made progress even more difficult for Niger to obtain. Niger is rich with mineral deposits but still it relies to the financing of the IMF to survive from poverty.
6. Central African Republic – $827.93
Because of violence, tribal wars, political atrocities, and corruption, the Central African Republic is experiencing extreme poverty. Even if the country is rich in oil, uranium, diamond, and gold reserves, at about 62% of the nation’s population survive on one dollar a day.
5. Eritrea – $792.13
Like other countries, Eritrea is rich with mineral deposits. But due to its repressive government, the country didn’t make significant progress. Citizens leave the country every month because of poverty.
4. Liberia – $716.04
Liberia is still lurching from the consequences of the 20-year-old civil war which started after the downfall of its president in 1980. The country is still in the process of recovering but still, it suffers from illiteracy, corruption, and poverty. 80% of the country’s population is living on less than a dollar a day.
3. Burundi – $648.58
This country never experienced peace yet because of unending tribal and civil wars. The poverty rate of Burundi is worsen by severe illiteracy rate, no economic freedom, and raging HIV-related health issues. About 80% of Burundi’s residents are poor. Half of the Burundians’ children who are under 5 years old suffer from malnutrition.
2. Zimbabwe – $589.46
Zimbabwe experienced uncontrollable inflation rates and this caused the poverty of the country. Because of hyperinflation, the country was compelled to release the first $100 trillion note of the world. The country suffers from economic strife as well as low life expectancy. Like in Burundi, citizens in Zimbabwe also suffers from HIV-related health problems.
1. Democratic Republic of Congo (DRC) – $394.25
The deadliest war happened on this country which involves seven foreign countries! After World War II, the known African World War happened here in DRC which resulted to over 5.4 million casualties from year 1998 to 2008. Unending conflicts affected the country causing economic progress hindrance. DRC residents only survive on about $400 each year. This made the Democratic Republic of Congo the top on this list.