In the fabric of our global community, some threads are unfortunately woven with poverty. As we edge into the year 2023, it’s crucial to cast an informed gaze on the nations that bear the heavy burden of economic hardship.
This blog post will reveal to you the reality of the world’s top 20 poorest countries in 2023. Understanding the economic challenges these nations face is a significant step towards finding practical solutions.
Join us as we delve into the stories of countries at the crossroads of struggle and hope.
Poorest Countries in the World (2023)
The ranking of countries in the world is done based on a concept known as GDP per capita. GDP is the short form of Gross Domestic Product, which estimates the goods and services a country produces annually. Then the country’s population is considered, and the GDP is divided by the country’s total number of people to find the GDP per capita.
Having said that, let’s now look at the poorest countries in the world based on the 2023 GDP per capita as estimated by the International Monetary Fund as of August 2023.
1. South Sudan
South Sudan is the youngest country in the world, with a GDP of $3.9 billion and a population of 11,136,149 citizens. It gained its independence in the year 2011 and faces several economic challenges. Its progress is hindered by continuous conflicts, political instability, and unsatisfactory infrastructure. With a higher percentage of its population depending on agriculture, harsh climatic conditions, and violence often affect farming. Hence, it causes poverty in this landlocked nation.
2. Burundi
Burundi is a small, landlocked East African country with a GDP of $3.5 billion and a population of 13,328,777 citizens. The nation’s challenges include conflicts, a 12-year civil fight, political instability, and limited infrastructure. Its citizens face economic hardships and struggles that are worsened by a fast-growing population. Given that almost 80 percent of its people depend on subsistence farming, food insecurity is notably higher than in the rest of the countries in sub-Saharan Africa. Moreover, access to clean water and electricity is still unsatisfactory.
3. Central African Republic
The Central African Republic is one of the poorest countries, with a GDP of $2.2 billion and a population of 5,785 million citizens. The majority of this republic’s citizens are extremely poor, regardless of the presence of gold, uranium, diamonds, and oil in it. A steady increase in the prices of essential commodities due to the Ukrainian war, coupled with intense flooding, has further contributed to its economic hardships. The UN Coordination of Humanitarian Affairs Office estimates that about 2.7 million people in the country are facing severe food insecurity.
4. Somalia
Somalia is a small nation in the Horn of Africa with a GDP of $7.5 billion and a population of 18,286,649 million citizens. Some of its challenges include many years of political instability, humanitarian crises, an unstable central government, and rampant poverty that have affected the country’s economic growth.
5. Democratic Republic of Congo
The DRC is a vast country in sub-Saharan Africa with a GDP of $2.6 billion and a population of 103,115,302 citizens. It confronts several strains, ranging from inadequate access to healthcare and education to malnutrition to 62% of its people living below the poverty line. The nation’s high fertility rate notably contributes to its development constraints and, consequently, poverty.
6. Mozambique
Mozambique is a former Portuguese colony blessed with natural resources. It has a GDP of $3.3 billion and a sparse population of 34,142,741 million citizens. The country’s poverty is a result of diseases, natural calamities, insufficient agricultural activity, wealth inequality, and high population growth. Despite its richness and acceptable GDP, the nation is still one of the poorest in the world due to attacks by Islamic groups in the North.
7. Niger
Niger is a landlocked country in West Africa with a GDP of $9.2 billion and a population of 27,463,672 citizens. Its poverty is a result of regular droughts, inadequate natural resources, and a largely agriculture-dependent economy. Furthermore, a steadily growing population, with 80% of it being in the Sahara desert, poses a substantial hazard.
8. Malawi
Malawi is a South Eastern African country with a GDP of $6.9 billion and a population of 21, 039,999 citizens. It struggles with economic challenges such as unstable commodity prices and vulnerability to climate change. However, the nation’s government is determined to boost healthcare and education, promote economic diversification, and lower poverty levels. Malawi significantly relies on rain-watered agriculture.
9. Chad
Chad is a country in Africa with a GDP of $10.9 billion and a population of 18, 423, 308 million citizens. Despite owning considerable oil reserves, it still faces notable economic challenges, rampant poverty, food insecurity, abuse of human rights, and political instability that pose questions about democratic principles. Chad’s agriculture heavily relies on rainfall.
10. Liberia
Liberia is a country in Africa with a GDP of $10.9 billion and a population of 5,448,677 million citizens. Its poverty is a result of disease outbreaks such as Ebola, civil wars, inadequate services, and limited infrastructure. Unexpected migrations interfere with agricultural activities, leading to food insecurity. Using sustainable development actions, healthcare, and education, global organizations such as WFP try to alleviate poverty.
11. Madagascar
Madagascar is the second-largest island nation in the world, located on Africa’s southeastern coast, with a GDP of $1.906 and a population of 34,142,741 million citizens. The country’s challenges include political instability and deforestation, dwindling biodiversity, and soil erosion that leads to poverty. The current climatic conditions have led to regular droughts, affecting agricultural productivity.
12. Yemen
Yemen is a country in Asia’s west with a GDP of $2.053 and a population of 34,644,861 million citizens. It covers 555,000 km2 and has a coastline of almost 2000 km. The nation’s conflict has greatly impacted its economy by affecting its manufacturing, trade, and agricultural sectors.
13. Sierra Leone
Sierra Leone is a nation on West Africa’s southwest coast with a GDP of $1.972 billion and a population of 8,839,066 million citizens. It’s slowly rebuilding after a civilian war, political instability, and natural calamities, although youth unemployment remains a problem. Moreover, the country’s economy largely relies on agriculture. The widely practiced rice farming has been hardly hit by climatic changes. Additionally, the nation experiences challenges in education and healthcare, resulting in high illiteracy levels and infant deaths.
Frequently Asked Questions About the Poorest Countries in the World
Some of the commonly asked questions include:
What will be the poorest country in Africa in 2023?
In Africa, Western Sahara is the poorest country with a GNI per capita of $56, followed by Burundi with a GNI per capita of $220.
What will be the poorest continent in the world in 2023?
Africa is the poorest mainland in the world, due to political instability, civil wars, and terrorism.
Is Africa getting poorer?
Africa is the most affected region in the world regarding poor households losing their incomes. In 2021, the purchasing power parity (PPP per day) went up by 3% due to the COVID-19 pandemic.
Which country has zero poverty?
Iceland is a country with the lowest poverty levels. In 2021, its poverty rates were 4.9 percent.
What is the richest country in Africa?
In Africa, the Seychelles is the wealthiest country with a GNI per capita of $14.540, followed by Mauritius with a GNI per capita of $9.920.
Which country has the most poor people in the world?
It’s generally accepted that Libya and Saudi Arabia have the most poor people, with more than 33.3% of their population living below the poverty line.
Final Thoughts on the Poorest Countries in the World in 2023
Understanding the economic challenges faced by these countries is significant for international development efforts. By dealing with issues such as internal conflicts, political instability, lack of access to healthcare and education, and corruption, we can together work towards an equitable world. These nations may be poor today, but with concerted efforts, there is hope for a prosperous future.