There are many nations of the world which certainly come under the heading of ‘The third world’ countries, that is, they are either underdeveloped or are in the development process. Broadly these countries undergo unsuccessful social, economic and political situations.Most of the countries in Africa, Latin America and Asia come under the limelight. Following are the world’s most poorest countries.
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Poorest Countries 2012
Although Sierra Leone is among the top 10 diamond producing nations of the world (being the basic source of economic earning), one of the world’s largest producers of gold, bauxite and titanium; 81.5% of its population is presently living in poverty.53.4% are living on at least $1.25 per day and 52.3% are deprived of safe drinking water. With this Sierra Leone is listed amongst the poorest countries around the globe.
The GDP/capita being $700, Niger is a developing country with most of its land dominated by Sahara desert. Due to the lower education level, desert terrain, poverty of its people, deficient infrastructure, substandard health and care facilities and numerous other reason, it becomes one of the poorest countries of the world.
Eritrea is a country in ‘the horn of Africa’. Like many other economies of Africa, Eritrea’s economy is also based on subsistence agriculture; 80% of its population is occupied in farming and herding, yet producing a small share of the total output. Its GDP/ capita is $700 (2010 approx.), 50% of its population is below the poverty line. The inflation rate is 20%(2010 approx.). The Eritrean budgets depict revenues of $463.4 million whereas the expenditures touched up to $920.1 million(2009 approx.).The nation faces many health, educational, environmental, challenges too. However, its forthcoming development depends upon its aptitude of improving the social problems such as unemployment, illiteracy etc, therefore, its ranked as one of the poorest countries.
7: Central African Republic
The central African republic being the landlocked country in Africa is included in the world’s poorest countries’ list. Subsistence agriculture and farming remains the moral fiber of the country. Diamond and timber industries have contributed to the export earnings to a certain extent (40% and 16% respectively). GDP/capita of Central African Republic is $700 and the annual GDP growth rate is just above 3%.
Somalia is one of the most dangerous countries of the world. Due to a two year state of war and inefficiency of the government it has maintained an unstable and informal economy, majorly based on remittance companies, livestock and telecommunications. Therefore, takes the number 6th spot for the poorest country in the world with a GDP/capita of $600.
Guinea Bissau, a country situated in west Africa with an estimated population of 1,600,000 has a GDP/capita of $600; one of the lowest in the world. Its human development index is also one of the lowest in the world. More than 65% of the population lives below the poverty line. Due to a prolonged economic instability; microeconomic imbalances have been enhanced and have weakened social conditions as well. The economy depends majorly upon agriculture. Cashew nuts, fish and ground nuts are its highlighted exports, yet is to be counted among the poorest countries of the world.
Liberia is a very poor country and has a GDP/capita of $500 only. Presently Liberia is recuperating from the persistent effects of the civil war and related economic disruption, with around 85% of its population living below the international poverty line. On average, 10 years of education is acquired by the children and so the country’s education sector is in held back by insufficient schools and colleges lacking the provision of qualified teachers too. With improper infrastructure, health and care and several other facilities Liberia comes in the world’s poorest countries’ list too.
Burundi is the part of the world’s 5 most poorest countries. It has a $400 GDP per capita. Burundi has a low GDP chiefly because of civil wars, poor access to education, high corruption rate, the consequences of HIV/AIDS, the lack of economic activity, poor legal system and its landlocked geography. With a considerable amount of emigration, the nation is densely populated. 80% of its population lives in poverty. Most remarkably in the 20th century, famines and droughts have struck Burundi. According to the World Food Programme 56.8% of its children under the age of five suffer from chronic malnutrition. Therefore, Burundi mainly depends on foreign aid.
Located as a landlocked country in Africa, Chad is principally agriculture-centric with and underdeveloped industrial sector .The political instability of the country is its prime reason for a weak economy. The GDP (purchasing power parity) in the year 2012 is approximately US$19.6 billion. It also is one of the most corrupt countries in the world. Crude oil has become the predominant source of export earnings, since 2003.With around 80% of the population living under the poverty line, Chad is enrolled in the list of the world’s poorest countries and is considered as an abortive state by the Fund for Peace.
Zimbabwe, located in the southern part of Africa, is officially declared to be the poorest nation in the world, with a very low GDP/capita of $200. Its economy endures many hardships; hyperinflation, unemployment, corruption and poverty. The public sector being the dominating one, Zimbabwe has a mixed economy. Based on 2008 estimations, it has an inflation rate of 14.9%. Even though the nation is quite nature gifted with gold, chromite, asbestos, coal, copper, gold, nickel, platinum, the collapsing political, economic and social conditions have led to poverty, large scale migration and unemployment.
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