The monetary measure of the market value of all the final services and goods of products in a period of time, particularly annually, that is the G.D.P is the determinant of the richness or poverty level of a particular country. How emphasis in this exposition will be on the country that low GDP per capita. Hence, those that fall in this category will be the subject matter in the course of my exposition.
It is worthy of note that, the majority of the country that falls under this category are faced with problems like political unrest, authoritarian government, embezzlement and corruption of all kinds, inadequacy in infrastructure, and porous financial institutions among others.
TOP 10 POOREST COUNTRIES IN THE WORLD 2022
Though there are many countries in the world languishing in the oceans of poverty, where the majority of them are African nations. Well, in the first ten countries on my list, five out of them have no access to direct access to marine business i.e, they share no boundary with the sea which makes it unable for them to do shipping business easily, while the others in the list are either on the verge of civil war or are even battling it already, which is the sole reason why their economy has been impoverished.
1. Democratic Republic of Congo
Though it’s a country that is vast in mineral resources and blessed with many natural endowments, it still remains number one on the list of the Poorest Countries In The World. The country has been likened to political unrest and has regarded the rejection of Joshua Kabila who took power after the assassination of his father Laurent Kabila in 2001. And ever since, he had remained in power. He was reelected in a questionable election in 2011 and ever since, he had been postponing the election in the country, though he promised not to contest for the post any longer for he has chosen his successor in the long-awaited election slated for December. However favors Kabila’s candidate, although the opposition candidate Martin Fayulu is seeking redress in the law court for allegedly rigging in the electioneering process.
Although, it us believed that the demand for their mineral resources will boost their G.D.P per capital in the recent year if they can deal with their political unrest.
2. Mozambique
With a G.D.P of 502 USD, Mozambique retains the second position among the Poorest Countries In The World. Though, based on the latest discovery of natural gas in 2011, the formal Portuguese colony trying to transform its economy. This step is visible in the approval of the Anadarko liquefied gas plant worth twenty million in early 2018. Though there’s a high possibility of their GDP increases with the higher price and demand for natural gas.
3. Uganda
It finds its third on the list with 759 GDP, having earlier said that the majority of the state that falls under this category are either facing political uprising, mismanagement, and other vices from the administrative arms of the state. In the same vein, political unrest was the core problem it’s faced with. Since 1986, the National Resistance Movement has embarked on many reform programs and projects to alleviate poverty to the tail end of 2010. Though in the recent years the development level in alleviating poverty is on the low ebb which is due to the deficiency in the private sectors, bad weather conditions, poor implementation of government policies, also the unrest in a neighboring country like South Sudan has caused many refugees to troop into the country for safety abode.
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Although, there is a possibility based on the forecast of the World Bank. That is, if foreign investors troop in if capital projects are been implemented without delay and all other things are been put in place. Luckily for Uganda, foreign investors are trooping in, which is good for the economy and at the same time reduces the poverty rate.
4. Tajikistan
With 861 per capita GDP in 2020 Tajikistan maintain the fourth on the list. After the break of the Soviet Union, Tajikistan is among the country that seceded from USSR. Aftermath’s independent, it was faced with a civil war that lasted for five good years. And since then, international organizations have been to their aid, with this, it has been trying to find it stability politically, and also trying to grow the economy and reduces the alarming poverty level. The researches carried out by word bank, poverty level fell from 83% you 47% from 2000 to 2009. And later fell to 30% in 2016.
It is expected to have a yielding economy with the inflow of revenue from Russia. This will anchor the private production which will in turn help in alleviating the poverty level in the state.
5. Yemen
With 913 USD gross domestic product in 2020, Yemen finds itself in fifth place on the list. No thanks to the civil war, political unrest, crisis of all kinds. Been hit with all these aforementioned problems, the majority of Yemeni are looming in abject poverty, while others are looking for a possible means of seeking refuge in neighboring countries, just because many have lost their safety abode due to the civil unrest in the region.
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Based on a United Nations survey, close to 15million of the Yemeni population is potentially facing the risk of starvation because of famine that is eminent on that side of the world. After the initial seize fire was unsuccessful, fighting still continues until recently. Though it was expected to face new dawn with the wholesome 200 million dollars that were pumped into the system by the government of Saudi Arabia, it is expected that they might have improved in their standard of living. And with the end of the three and half years of civil war, there might perchance be a remarkable turnaround before 2023
6. Haiti
It maintains the sixth position on the log, with a GDP of 923 USD per capita. The vulnerability of the country to natural disasters is among the main problem it’s facing. The unfortunate incident is prone to happen to them. It was even surveyed and confirmed by World Bank that a large portion (90%) of their population is faced with natural disasters.
This is evident in the unfortunate event that occurred in 2010 in Haiti where the lion’s share of their budget was wasted on it. If not for the rescue mission from the loving nation around the world, Haiti as a country would have been a story of the past.
With the emergence of a new president in the helms of the affair, accelerated progress is expected in the development of infrastructure, and other spheres in the public sector for the benefit of all. Till then, it still maintains is position as the poorest nation in America, with over six million of its 10.4 million living under 2.41 USD per day (national poverty line), while, 2.4 million lived under the national extreme poverty line.
Though the economy building started well in 2017, the hit of natural disasters has hampered the growth of the economy. Also, political instability and maladministration has also hit the progress of the nation which in turn impoverished the life of Haitian
7. Ethiopia
The seventh on the list is a country that is found on the horn of Africa. With 1122 USD GDP, is still ranked among the poorest in the world. Even if it cannot boost many seashores, it still has a small port with its bordering nation Djibouti. Though not evident in his poverty level, Ethiopia is still among the fast-growing economy in Africa.
About 55% of Ethiopians are living in the extreme poverty line in 2000, though it later reduced according to the survey in 2011 to 33. As the majority of the poverty nation, bad governance was among what marred the economy of Ethiopia.
In finding solutions to this problem of theirs, the long authoritarian regime give way as he resigned on the 15th of February, which gives an opportunity for the first female president Zahle-Work Zewde. Growth is expected to be on speed now, though it is likely not supposed to because there is a restriction on public investment on the limitation of importation.
8. Tanzania
Tanzania finds itself in the right position in relationship with the poverty level in the world. With an expected 1159 USD in their GDP, Tanzania appreciates a bit from their normal position in the world ranking with is either sixth or seventh. Maybe it was due to the survey carried out by the World Bank, which suggests there will be a decline in their poverty level.
Tanzania’s economic backing depends on improving the business environment, infrastructure investment, high increase in agricultural productivity, and so on, while the next year remains favorable. if the economy continues on this stride, the economy will remain solid and growth on all sides is inevitable.
9. Kyrgyzstan
With 1266 USD expected GDP in 2020, Kyrgyzstan fine itself in the ninth place. With an enclosed land, a mountainous region, and having about 6 million population. Having faced political unrest and weak and bad governance, since she gains her independence in 1991 Kyrgyz republic has now adopted a parliamentary system of government. Still, can’t curb it, for corruption is experienced in the public sector, which is affecting the desired development of the country.
Another massive problem facing Kyrgyzstan’s economy is that they rely too much on gold mines (external Stock), which makes their economy vulnerable.
Due to expanding gold product September, it has reenergized the economic activity with is vivid in January to September period. I.e a slight increase in the annual term. Whereas the output of January to August is relatively low which is due to the fall in export rate.
Though there is a projection that next year will hold greater and better GDP it is believed that the production on the gold mine will increase, which will, in turn, leads to healthy wage growth.
10. Uzbekistan
Being number ten on our list, Uzbekistan has 1350 USD per capita in its gross domestic product. The country made a remarkable point between 2004 to 2016 in development and at the same time alleviating poverty. A country that is blessed with mineral resources and at that time its goods like copper, gold, gas, and so on, appreciate in value in the international market.
But it was quite unfortunate that between 2013 to 2016 the prices of these goods and commodities fell in the international market. Courtesy of its international partner Russia and China are affected by the economy. Although the government try to manage the situation, which led to stagnation in poverty reduction policies.
There is some strategic move by the government toward 2021, which among them were a liberal economy. This moderation value reflects in currency devaluation which in turn leads to inflation and income dropped. Though, the economy appreciated by 5.3% in 2018, courtesy of the solid industrial output. Industrial appreciate the mining and quarry production. And also the period was characterized by positivity in the economic sphere of Uzbekistan. It was in this period that the country started its nuclear project worth 11 million USD which was funded by Russia.
This was with the sole aim of strengthening the country’s energy sphere. And the government of Uzbekistan has also signed various economic deals worth millions of dollars. It is expected that the country will experience growth in its economy this year if the government budget were implemented, and the monetary aspect was well managed.
Conclusion
It is worthy of note that many nations in the world are still struggling to fight poverty. Though the majority of this sole called nation is hampered by maladministration, embezzlement is rampant in Africa. No wonder there will be the possibility of mineral resources of all kinds, yet, still struggling to alleviate their poverty level.
Another liken factor to impoverished life in these places is that they in most cases lack the technical know-how needed in transforming their life scientifically, politically, economically, and in other spheres of life. Though we shouldn’t forget the fact that some of these so-called poor country for themselves in this category because of crisis and war. In this crisis which in turn disrupts the institution of the state, the budget will focus on dousing the conflict rather than on infrastructural and economic development.