They say that money does not buy happiness, and certainly economic wealth does not necessarily predict the user’s level of satisfaction and well-being. However, it is necessary to maintain a certain economic level to keep our basic needs satisfied.
The same thing happens when we talk about a country: having money does not mean that it is well distributed, but it does allow us to be able to manage basic services and goods to guarantee the well-being of citizens.
Although some countries have great fortune and economic wealth, there are many others that suffer serious shortages, to the point that the majority of their population is impoverished, have difficult access to food and water and sometimes have socio-sanitary difficulties. and humanitarian. Throughout this article we are going to do a brief review of the 25 poorest countries in the world
One of the most common ways to assess the level of wealth of a country is the use of indices such as the Gross Domestic Product or GDP, which refers to the total amount of capital that a country has produced throughout the year Based on this index and the data collected by the International Monetary Fund or IMF (taken between 2017 and 2018), we can consider that the 25 poorest countries are the following.
1. Tuvalu (€35M)
According to IMF data, Tuvalu is the country with the lowest GDP among those on record. The ancient Ellice Islands have been one of the countries that are part of Polynesia since 74.
Despite its beauty, this territory is poor and infertile, and its inhabitants do not have drinking water. It is located at such a low altitude from the sea that its inhabitants have had to be evacuated frequently due to the rising water level.
2. Nauru (€101M)
Part of Micronesia, Nauru It is a republic that is constituted within a single island and which turns out to be the second of the countries with the lowest GDP registered. In the past, when the island exploited phosphate extraction, it became a country with a level of development close to that of the so-called first world, but over time it has entered into economic recession.
3. Kiribati (€165M)
Made up of the island of Banaba and various coral atolls, this country is also part of Oceania. With a life expectancy of about 60 years, its inhabitants have to face a great lack of natural resources in their territory. Kiribati is in third position when it comes to the poorest countries in the world in terms of GDP.
4. Marshall Islands (€184M)
Among the territories that are part of Micronesia we can find the Marshall Islands, one of the countries with the greatest poverty and lack of economic resources
5. Palau (€275M)
The third of the Micronesian countries to appear on this list, Palau is a republic whose GDP is the fifth lowest on record by the IMF.
The fourth and last of the countries that make up Micronesia is called the Federated States of Micronesia, and it is also one of the poorest. They depend heavily on external international aid
7. Sao Tome and Principe (€348M)
A former Portuguese colony, Sao Tome and Principe is part of the African territory and is made up of various islands in the Gulf of Guinea archipelago. And with an annual GDP of €348 million, it is one of the poorest countries on record.
8. Tonga (€403M)
The Kingdom of Tonga can be found in Oceania, and is made up of almost two hundred islands. Economically it depends on agriculture and tourism, and it is the eighth country with the lowest annual GDP.
9. Dominica (€440M)
This country and island is one of the poorest in terms of annual GDP. One of the Windward Islands, It is an important part of the Caribbean and depends largely on the banana industry
10. Comoros (€574M)
In southeastern Africa, the Union of the Comoros is a country made up of several islands. It is one of the poorest countries in all of Africa.
11. Saint Vincent and the Grenadines (€695M)
To the north of Venezuela, this island country whose most important island is San Vicente and has an economy focused on the banana industry and the sale of stamps. Your financial situation fluctuates largely due to seasonal changes.
12. Samoa (€744M)
Polynesian island country with agriculture as the main economic driver, depends to a certain extent on external aid to maintain itself, although changes in its financial policies have allowed its economic situation to improve
13. Vanuatu (€779M)
Located in the Pacific and east of Australia, Vanuatu is a country whose main economic engine is agriculture, albeit subsistence. This tax haven also has one of the lowest annual GDPs.
14. Saint Kitts and Nevis (€878M)
An island country located in the Caribbean, the fourteenth member of this list obtained an annual GDP of around €878M.
15. Granada (€998M)
The island of Grenada is part of the Antilles, and is an island country whose main source of resources are tourism, construction and commerce
16. Solomon Islands (€1,154M)
Part of oceanic Melanesia, the Solomon Islands form a country whose annual GDP is among the lowest in the world.
17. Guinea-Bissau (€1,195M)
The Republic of Guinea-Bissau is an island country bordering Senegal. whose economy is survival, focused on agriculture and livestock The timber industry is also relevant, due to the large percentage of forests in its territory.
18. Seychelles (€1,326M)
The Seychelles islands form an island country. Despite being one of the countries with the lowest annual GDP, its economy has grown in recent times and in fact it has one of the highest human development indices in Africa. Yet the country, northeast of Madagascar, has a significant public debt and the majority of the population is in poverty.
19. Antigua and Barbuda (€1,342M)
Another island country, which in this case is part of the Caribbean, has tourism as its main economic driver.
20. Gambia (€1,369M)
The Republic of The Gambia is one of the first non-island but continental territories on this list. Located in the western part of Africa and surrounded by Senegal, its economy is based mainly on agriculture and livestock for subsistence although it also exports different products.
21. San Marino (€1,499M)
In European territory and specifically located in Italy, San Marino is the only one of the countries on this list from that continent. Tourism is one of the most relevant economic drivers. Despite this, its GDP is one of the lowest of last year.
22. Cape Verde (€1,572M)
An African island country close to Dakar, this country suffers from a lack of natural resources and frequent problems derived from natural disasters. Tourism and services are some of the main economic drivers and its position makes it a strategic point for commerce.
23. Saint Lucia (€1,602M)
Saint Lucia is an island country located in the Caribbean Sea Its economy is based on the banana industry, although other sectors such as tourism have also become increasingly important.
In the northeast of Central America and surrounded by Mexico and Guatemala, Belize is a country whose public debt is very high. Agriculture (especially sugar) and tourism are some of the main economic sectors of the country.
25. Central African Republic (€1,726M)
The Central African Republic is another of the few non-island countries on this list. The main economic drivers of the place are the logging and mining sector Its frequent wars and armed conflicts are one of the various factors that prevent its economy from taking off.
Countries with the lowest GDP per capita
Although GDP can be an index that tells us about the amount of capital that a country enjoys and produces, this does not imply that this wealth is better or worse distributed.
In this sense, A more representative index than annual GDP is GDP per capita the relationship between the country’s GDP and each of its inhabitants: that is, the amount of capital and income that on average would correspond to a citizen of a specific country.
Taking this index into account, the countries that have the least capital and produce and in which the distribution of wealth is inequitable (often relegating a large part of the population to extreme poverty) are the following.
1. South Sudan (€208)
The country with the lowest GDP per capita of those valued by the IMF is South Sudan, in which over the course of a year a citizen can earn an average of 208 euros. This African country is one of the poorest countries in the world despite having large deposits of natural resources.
2. Burundi (€258)
This African country is the second country with the lowest GDP per capita and one of the poorest. This country, one of the few whose history dates back to at least the 16th century, suffers from serious problems such as a high presence of the human immunodeficiency virus, an inefficient judicial system and a high level of famine At an economic level it depends on external help.
3. Malawi (€300)
The third poorest country in the world is Malawi, which in 2017 recorded a GDP per capita of just €300 per year. As in the two previous cases, its population has a short life expectancy and high mortality. AIDS is also highly widespread, as are numerous armed conflicts and wars. It is one of the countries with the highest population density, and Its economy is based on agriculture and external aid (although corruption has been observed when distributing it).
Although a few years ago it was considered the poorest country in the world, the Central African Republic not only has one of the lowest GDP per capita but also one of the lowest annual GDP in the world.
Despite having a large amount of natural resources, the presence of major recurring conflicts in this country makes it difficult to improve their economic and social situation.
6. Mozambique (€376)
Between 2017 and 2018, Mozambique had a GDP per capita of 376 euros. This country has also been besieged by serious conflicts, and its population also has difficulty eating. Mortality is high and life expectancy is short Its economy is basically subsistence and based on agriculture.
7. Madagascar (€398)
An island located east of Mozambique and other surrounding countries we find Madagascar, another of the countries with the lowest GDP per capita. The country experienced severe political crises in the past. Its economy is based on agriculture (cinnamon and coffee stand out). Its living conditions and life expectancy of its inhabitants are above those mentioned so far, reaching 60 years of age.
8. Somalia (€423)
Somalia is one of the best-known African countries with the highest level of poverty. It is a country that is organized as a federal republic, although throughout history has not presented a joint and stable government something that has made its management and economic improvement difficult.
This African country also has a high level of poverty, being one of the poorest (even having been the country with the highest level of poverty). With a high percentage of famine and one of the lowest human development indices In addition to having suffered different conflicts, its main economic engine is mining.
10. Sierra Leone (€448)
Founded by freed slaves and known in recent years for having been devastated by the relatively recent Ebola epidemic Sierra Leone is a country with a really low GDP per capita, €448.
With wealth distributed very unequally, it was named one of the countries with the highest level of poverty. Disease and famine are frequent, as is the population’s dependence on humanitarian aid to survive.
11. Afghanistan (€504)
Afghanistan is another of the countries with a most precarious economic situation. With a GDP of €504 and the presence of a large number of wars and conflicts taking place in its territory, life for civilians is not easy. The main economic engine is agriculture and mining, including its multiple oil fields
12. Togo (€540)
Togo is a little-known country located between Ghana and Benin. Its economy is based on agriculture, although it also has iron and other mineral deposits as well as agricultural activity. However it is mainly subsistence.
13. Uganda (€546)
Uganda is another case of countries that, despite having a large amount of natural resources, are impoverished and without means. With serious war conflicts and situations of corruption, together with the country’s serious debt, it makes survival difficult.
14. Burkina Faso (€570)
With a high population and a soil that is difficult to cultivate , this country is one of the poorest in the world. Despite the difficulty of using the land for agriculture, this sector is one of the most relevant in its economy. However, they require humanitarian and international aid.
15. Chad (€588)
This African country has a GDP per capita of €588, and More than 80% of the country lives below the poverty line Agriculture and subsistence livestock are its most frequent economic activities.
16. North Korea (€603)
Despite its secrecy and the high budget dedicated to the military, North Korea has one of the lowest GDP per capita in the world. Furthermore, the totalitarian regime that governs it, its isolation and the imposed blockades make it difficult to help improve the situation of the population.
17. Liberia (€614)
Bordering Sierra Leone, Liberia shares with that country the fact of being one of the poorest countries and with the worst GDP per capita. Mining is one of the economic engines of this country often carried out in inhumane conditions.
18. Ethiopia (€639)
This African country, with a GDP per capita of €639, bases its economy on agriculture and mining, as well as aid from other countries.
19. Gambia (€651)
The Gambia, in addition to a GDP per capita that is among the lowest, also has a gross GDP that is also among the most impoverished. As we have seen previously, agriculture and livestock are its main economic activities. It relies heavily on international aid to sustain itself.
20. Rwanda (€663)
Although it has recently managed to improve its situation, Rwanda is a country with a low GDP per capita, €663. The aftermath of wars and genocide lived in the country are still in force, so the economic capacity of the country is low. Subsistence agriculture and tourism are some of the most common economic activities.
21. Guinea-Bissau (€703)
Once again one of the countries in which both gross GDP and GDP per capita are among the lowest in the world, Guinea-Bissau has agriculture and livestock, as well as the timber industry, as its main economic drivers.
22. Comoros (€706)
This island state, with a high level of unemployment and highly dependent on international aid, has as its main economic activities forestry or use and management of forests (both wood and other materials), tourism and agriculture (although the latter is usually more subsistence).
23. Tajikistan (€709)
Located in Asia and north of Afghanistan, Tajikistan is one of the poorest countries on the Asian continent, at least in terms of GDP per capita. With more than half of the population below the poverty line and a high unemployment rate, cotton and aluminum are some of the products with which they can make the most money.
24. Guinea (€729)
Agriculture is the majority activity in this country. They also have large mineral resources that can be exploited. However, Guinea relies heavily on external aid to survive.
25. Benin (€732)
Located in Africa, the Republic of Benin is the last of the 25 poorest countries in the world if we take into account GDP per capita as an index to analyze it. Is about a country rich in resources, but whose economic activity is based on subsistence agriculture
