It says that, “You might think that with the resources the world boasts right now, it is simply the proper usage of such resources which is why the success or failure of each country is based on its own performance and mistakes.
“Racists believe the truth to be even simpler; since most of the poorest countries in the world are located in Africa, these people believe that people who aren’t white are simply inferior in every way, also pointing to most of the developed countries in the world having a population which is majority white.
“Of course, the truth is anything but the above. There are several major reasons which impact the success of a country.”
InsiderMonkey cites some of the problems as colonisation, lack of investment in research and development, lack of industrialisation and infrastructure development and lack of access to education.
“To determine the poorest countries in the world, we have considered both their GDP and GDP per capita. There will be countries with higher GDP because of a bigger population but shouldn’t be counted among the richest countries since their GDP per capita is quite low,” InsiderMonkey says.
But it adds that some of the countries may not be doing so well right now, but could improve dramatically in the coming years and decades.
- Samoa
Total GDP (in billions): $0.8
GDP Per Capita: $3,857
5 Year CAGR: -0.94%
There are several Pacific islands in our list, including Samoa, which has struggled to fight poverty because of a vulnerability to natural disasters and rising unemployment. Tourism is an increasingly important sector of the economy in Samoa, with the country’s beautiful beaches, cultural attractions, and friendly locals attracting visitors from around the world.
- Zimbabwe
Total GDP (in billions): $28.4
GDP Per Capita: $1,773.9
5 Year CAGR: 10.04%
Zimbabwe is a country in southern Africa with a diverse economy that is driven by a number of different industries. One of the few countries with a CAGR of over 10%, Zimbabwe is still quite poor, with poverty increasing since the 1990s. Zimbabwe has a number of natural resources, including diamonds, gold, platinum, and chrome, and these resources are an important contributor to the economy.
- Republic of Congo
Total GDP (in billions): $13.4
GDP Per Capita: $2,290
5 Year CAGR: 3.8%
The Republic of the Congo is a smaller country located on the Atlantic coast of central Africa. It is bordered by Gabon to the west, Cameroon to the northwest, the Central African Republic to the north, and the Democratic Republic of the Congo to the east. The capital city of the Republic of the Congo is Brazzaville. A low level of education and high unemployment has led to the Republic of Congo being among the poorest countries in the world.
- Haiti
Total GDP (in billions): $20.9
GDP Per Capita: $1,830
5 Year CAGR: 3.8%
Haiti is a Caribbean country with a small and underdeveloped economy that is primarily based on agriculture, manufacturing, and services. Remittances from Haitian nationals living abroad are a significant contributor to the economy of Haiti. The 2010 earthquake absolutely devastated Haiti and the country hasn’t recovered since. It is home to an extremely high percentage of crimes, with gangs basically ruling its capital. Haiti struggles with consistent and efficient energy generation and distribution, and the lack of access to affordable and reliable power hinders investment and business growth in the country. Most of the electricity in Haiti is generated using imported fossil fuels.
- Senegal
Total GDP (in billions): $27.6
GDP Per Capita: $1,637
5 Year CAGR: 5.6%
Senegal is a West African country with a diversified economy. A low literacy rate and high unemployment rates have contributed to Senegal being among the poorest countries in the world. Senegal has a trade agreement with the US. Under this trade agreement, Senegal exports processed foods, seafood, and cosmetics. Historically, France has been the main source of foreign direct investment in Senegal, but in recent years, China has also become a significant investor in the country.
- Djibouti
Total GDP (in billions): $3.5
GDP Per Capita: $3,150
5 Year CAGR: 4.7%
Djibouti is a small country in the Horn of Africa with a small and underdeveloped economy. Djibouti’s land is quite arid which makes farming very difficult and with a lack of industrialization, there aren’t many other opportunities for sustenance. Djibouti has a number of ports that are an important contributor to the economy, with the port of Doraleh being a major regional hub for trade.
- Bhutan
Total GDP (in billions): $2.5
GDP Per Capita: $3,266
5 Year CAGR: 0.7%
Bhutan is a small, landlocked country in South Asia with a small and underdeveloped economy. Bhutan’s poverty is caused by the country not having many natural resources. Bhutan has a number of hydroelectric power plants that are an important contributor to the economy, with the country exporting a significant amount of electricity to India (see 20 countries that produce the most electricity).
- Timor-Leste
Total GDP (in billions): $3.6
GDP Per Capita: $2,741
5 Year CAGR: 17.8%
Timor-Leste (also known as East Timor) is a small, developing country in Southeast Asia with a small and underdeveloped economy. Timor-Leste has really uneven terrain, because of which farming and water-gathering are both quite difficult in a country where most of the people are dependent on agriculture. Timor-Leste has a number of oil and gas reserves that are an important contributor to the economy, with the country exporting a significant amount of oil and gas to other countries.
- Nicaragua
Total GDP (in billions): $14
GDP Per Capita: $2,046
5 Year CAGR: 0.3%
Nicaragua is the second poorest country in the Western hemisphere and relies on the US for two thirds of its exports. Nicaragua is a significant exporter of coffee to the United States, with the country exporting a variety of coffee including specialty coffee, organic coffee, and fair trade coffee (see 12 countries that produce the best coffee). Nicaragua also exports a wide range of fresh and frozen fruits and vegetables to the United States, including bananas, pineapples, avocados, and beans. Political instability, conflicts and inequality between urban and rural areas have all contributed to poverty in Nicaragua.
- Myanmar
Total GDP (in billions): $65.1
GDP Per Capita: $1,210
5 Year CAGR: 1.2%
Myanmar (also known as Burma) is a country in Southeast Asia. Myanmar is one of the poorest countries in the world and the ethnic cleansing of Rohingya Muslims followed by a coup by one of the most brutal armies in the world means that there is very little likelihood that things will improve in the near future. Myanmar’s main exports are petroleum gas, rice, textiles, and refined copper. China is Myanmar’s main trading partner.
- Ethiopia
Total GDP (in billions): $111.3
GDP Per Capita: $925
5 Year CAGR: 6.4%
Ethiopia is a landlocked country in East Africa with a large and underdeveloped economy. Ethiopia is one of the countries where colonization has been a major contributor to the place where it finds itself right now. Agriculture is a significant contributor to the economy of Ethiopia, with crops such as coffee, teff, and oilseeds being important exports.
- Cabo Verde
Total GDP (in billions): $1.9
GDP Per Capita: $3,293
5 Year CAGR: 1.8%
Cabo Verde (also known as Cape Verde) is a small, island nation in the Atlantic Ocean with a small and underdeveloped economy. Since 1990, Cabo Verde has experienced significant economic growth, largely due to the rapid expansion of tourism, which accounts for 25% of the country’s GDP. Tourism is an increasingly important sector of the economy in Cabo Verde, with the country’s stunning beaches, cultural attractions, and rich history attracting visitors from around the world.
- Cambodia
Total GDP (in billions): $27
GDP Per Capita: $1,625
5 Year CAGR: 4.0%
Cambodia is a country in Southeast Asia. Cambodia’s economy has grown at an average annual rate of 7.7% between 1998 and 2019, making it one of the fastest-growing economies in the world. This growth has been driven by exports of garments and an increase in tourism. 18% of Cambodians live below the poverty line.
- Mauritania
Total GDP (in billions): $10
GDP Per Capita: $2,166
5 Year CAGR: 8.0%
Mauritania is a predominantly desert country (75% of the country is the Sahara Desert), with very little arable land (only 0.5% of the total land area) and large areas of pastoral land. Mauritania has a number of natural resources, including iron ore, gypsum, and oil, and these resources are a significant contributor to the country’s economy. Mauritania’s especially hydrocarbon sector has potential for growth. U.S. energy company Kosmos Energy discovered a large deposit of natural gas off the coast of Mauritania and Senegal in 2014.
- Micronesia
Total GDP (in billions): $0.4
GDP Per Capita: $3,571
5 Year CAGR: 2.0%
Federated States of Micronesia is a country in the Pacific Ocean with a small and underdeveloped economy. The Federated States of Micronesia’s economy is primarily based on subsistence agriculture and fishing. The country lacks valuable mineral deposits, with the exception of high-grade phosphate. Micronesia is one of several Pacific islands where the governments do not properly spend funds received in aid, thereby exacerbating poverty instead of eradicating it.
- Tanzania
Total GDP (in billions): $67.8
GDP Per Capita: $1,099
5 Year CAGR: 4.9%
Tanzania is a country in East Africa with a large and underdeveloped economy. Tanzania has failed to improve its agricultural productivity over the past few decades which is why it is still among the poorest countries in the world. Nevertheless, Tanzania has experienced significant economic development in recent years, which has been fueled by its diverse natural resources and growing tourism industry.
- Vanuatu
Total GDP (in billions): $1.0
GDP Per Capita: $2,997
Year CAGR: 1.7%
Vanuatu is a small, island nation in the Pacific Ocean with a small and underdeveloped economy. The top three industries are agriculture, fishing, and tourism. Rural areas in Vanuatu have very limited infrastructure while the country’s food security is also under threat from climate change.
- Nepal
Total GDP (in billions): $36.3
GDP Per Capita: $1,208
5 Year CAGR: 4.6%
Nepal is a landlocked country in South Asia with a large and underdeveloped economy. Nepal’s economic growth has been slower compared to many of its neighboring countries due to a history of political instability. Despite Nepal charging thousands of dollars to hundreds of climbers each year who want to climb Mount Everest, its location means that the development of infrastructure is more difficult while the country also needs to make more advances in agricultural technology.
- Solomon Islands
Total GDP (in billions): $1.6
GDP Per Capita: $2,305
5 Year CAGR: 2.1%
The Solomon Islands are a group of islands in the Pacific Ocean with a small and underdeveloped economy. Solomon Islands has been considered among the poorest countries in the world due to political unrest, natural disasters and a lack of access to education. More than three quarters of the labor force in this island nation is engaged in subsistence farming and fishing.
- Benin
Total GDP (in billions): $17.1
GDP Per Capita: $1,319
5 Year CAGR: 6.2%
Benin is a country located in West Africa, bordered by Togo to the west, Nigeria to the east, and Burkina Faso and Niger to the north. It is situated on the coast of the Gulf of Guinea and has an area of approximately 112,620 square kilometers. The capital of Benin is Porto-Novo, but the largest city is Cotonou. Benin is a former French colony and is home to a diverse population with a rich cultural heritage. Around half of Benin’s population is employed in the agriculture sector which is quite vulnerable. However, its GDP improvement shows that the country is on track to improve. In 2021, the economy of Benin experienced a strong recovery argely driven by the services and construction sectors, with an estimated growth rate of 7.2%.
- Uganda
Total GDP (in billions): $40.5
GDP Per Capita: $884
5 Year CAGR: 5.7%
Uganda is a landlocked country located in East Africa, bordered by Kenya to the east, South Sudan to the north, the Democratic Republic of Congo to the west, and Rwanda and Tanzania to the south. It has an area of approximately 236,040 square kilometers. The capital of Uganda is Kampala, which is also the largest city in the country. Uganda is home to a really complex land system which has resulted in uneven land distribution and unequal spread of resources. Uganda is a significant producer of coffee, with the country exporting a variety of coffee beans to countries around the world.
- Zambia
Total GDP (in billions): $22.1
GDP Per Capita: $1,137
5 Year CAGR: -3.1%
Zambia is a landlocked country located in Southern Africa, bordered by Angola to the west, the Democratic Republic of Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique to the south-east, Zimbabwe to the south, and Botswana to the south-west. The country has been mired in major external debt which is a significant reason behind its poverty. One of the main factors contributing to Zambia’s debt problem is the country’s reliance on borrowing to finance its development projects and infrastructure. This has led to a large increase in the country’s external debt, which has put pressure on the government’s ability to pay its debts and meet its financial obligations. In addition, the country has faced economic challenges, including a decline in the prices of its main exports and a slowdown in economic growth, which have made it more difficult for the government to repay its debts.
- Sao Tome and Principe
Total GDP (in billions): $0.5
GDP Per Capita: $2,361
5 Year CAGR: 7.0%
São Tomé and Príncipe is a small island nation located in Central Africa, off the coast of Gabon. It is made up of two main islands, São Tomé and Príncipe, and a number of smaller islets. The country has an area of approximately 1,001 square kilometers and is home to a population of around 200,000 people. The capital of São Tomé and Príncipe is São Tomé, which is also the largest city in the country. Sao Tome and Principe does not possess many assets or even means of production, which is why average income is quite low in the country. The country’s main export is cocoa.
- Guinea
Total GDP (in billions): $16.1
GDP Per Capita: $1,189
5 Year CAGR: 9.3%
Guinea is a country located in West Africa. It is bordered by Guinea-Bissau to the northwest, Senegal to the north, Mali to the northeast, Ivory Coast to the east, and Liberia and Sierra Leone to the south. The capital city of Guinea is Conakry. The country has a diverse economy, with significant contributions from the mining sector, agriculture, and the service sector.
Guinea has significant reserves of minerals, including bauxite, iron ore, and gold, and the mining sector has been a major contributor to the country’s economic growth. In recent years, the government has implemented a number of reforms aimed at improving the business environment and attracting foreign investment, which have helped to drive economic growth.
However, Guinea still faces a number of challenges, including limited infrastructure, political instability, and a lack of access to credit for many businesses. In addition, the country has a high poverty rate, with more than half of the population living below the poverty line. Improving the economic prospects of the country’s poorest citizens will require further efforts to address these challenges.
- Sudan
Total GDP (in billions): $34.3
GDP Per Capita: $752
5 Year CAGR: -23.3%
Sudan is a country located in North Africa. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the southwest, Chad to the west, and Libya to the northwest. The capital city of Sudan is Khartoum. Sudan has the worst CAGR of any country in the world based on our calculations. In recent years, the country has faced significant economic challenges, including high inflation, a large trade deficit, and a shortage of foreign exchange.
Following the ouster of former President Omar al-Bashir in 2019 and the establishment of a transitional government, Sudan has been working to implement economic reforms and secure international support to help stabilize the economy. In 2020, the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility for Sudan, which aims to support the country’s economic reform program and help it address its external imbalances.
Sudan has also been working to improve relations with its neighbors and regional organizations, which could help to boost trade and investment and contribute to economic growth. However, the country still faces significant challenges, including ongoing conflicts and political instability, which could hinder its economic development.
- Burkina Faso
Total GDP (in billions): $19.7
GDP Per Capita: $893
5 Year CAGR: 6.9%
Burkina Faso is a country located in West Africa. It is bordered by Niger to the east, Benin to the southeast, Togo and Ghana to the south, Côte d’Ivoire to the southwest, Mali to the northwest, and Senegal and Mauritania to the west. The capital city of Burkina Faso is Ouagadougou. Burkina Faso is a low-income, landlocked country with a largely agrarian economy. Agriculture accounts for a significant share of the country’s Gross Domestic Product (GDP) and employs a large proportion of the labor force. Cotton, livestock, and gold are among the country’s major exports. Burkina Faso also has some deposits of manganese, limestone, and marble.
Over the past decade, Burkina Faso has experienced relatively strong economic growth, with an average annual GDP growth rate of nearly 7%. This growth has been driven in part by the country’s mining sector and by favorable weather conditions that have supported agriculture. However, the country’s economic growth has not been evenly distributed, and poverty remains a significant challenge, with more than half of the population living below the poverty line. A lack of rural productivity and a growing population means that the country has struggled to provide the majority of its population with sufficient resources.
- Democratic Republic of Congo
Total GDP (in billions): $55.4
GDP Per Capita: $577
5 Year CAGR: 7.8%
The Democratic Republic of Congo (DRC) has large deposits of gold, cobalt, and high-grade copper. Cobalt, a crucial component in the production of electric vehicles, gives the DRC a strategic advantage in the shift towards renewable energy. In 2020, the DRC was the leading global producer of cobalt, with a output of 95,000 tons, or about 41% of the world’s total cobalt production. In 2021, nearly 64% of Congolese lived on less than $1.25 a day, which signifies how much the population is suffering. On the positive side, it has posted one of the highest CAGRs among any countries, and could be ripe for investment.
- Kyrgyz Republic
Total GDP (in billions): $8.5
GDP Per Capita: $1,277
5 Year CAGR: 2.1%
The Kyrgyz Republic, also known as Kyrgyzstan, is a country located in Central Asia. It is bordered by Kazakhstan to the north, China to the east, Tajikistan to the south, and Uzbekistan to the west. The capital city of Kyrgyzstan is Bishkek. Two-thirds of the population of Kyrgyz Republic live in rural areas and while the country is dependent on agriculture, many do not even have agricultural education which could help improve its income per capita. The country is heavily dependent on exports of minerals, particularly gold, and on remittances from Kyrgyz citizens working abroad. The country also has a significant agricultural sector, with livestock and grain being the main products.
- Mali
Total GDP (in billions): $19.1
GDP Per Capita: $874
5 Year CAGR: 4.5%
Mali is a country located in West Africa. It is bordered by Algeria to the north, Niger to the east, Burkina Faso and Côte d’Ivoire to the south, Guinea to the southwest, and Senegal and Mauritania to the west. The capital city of Mali is Bamako. Mali needs to really work on improving its educational infrastructure which is extremely poor. The average daily wage in the country is $1.25 per day. Agriculture, including crops such as millet, rice, and maize, as well as livestock and forestry, accounts for a significant share of the country’s Gross Domestic Product (GDP) and employs a large proportion of the labor force. Mali also has some mineral resources, including gold, phosphates, and limestone.
- Yemen
Total GDP (in billions): $21.6
GDP Per Capita: $702
5 Year CAGR: -4.2%
Yemen is a country located in the Middle East, on the southwestern tip of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, Oman to the east, the Arabian Sea to the south, and the Gulf of Aden to the west. Yemen has experienced significant economic challenges in recent years due to ongoing conflict and political instability. The country has been embroiled in a civil war since 2015, which has severely damaged infrastructure, disrupted trade and agriculture, and led to widespread shortages of food, water, and other basic necessities. As a result, the country’s economy has contracted significantly, and the poverty rate has increased dramatically.
Yemen is home to one of the biggest malnutrition crises in the world right now, due to a lack of resources which makes it difficult to impossible for many in the country to afford even basic necessities. The International Monetary Fund (IMF) estimates that Yemen’s economy contracted by approximately 50% between 2014 and 2020, and that the poverty rate rose from 52% in 2014 to 78% in 2020. The IMF has also warned that the economic and humanitarian crisis in Yemen could deepen further unless a resolution to the conflict is reached.
- Comoros
Total GDP (in billions): $1.3
GDP Per Capita: $1,577
5 Year CAGR: 3.8%
The Comoros is a country located in the Indian Ocean, off the eastern coast of Africa. It is made up of four main islands and several smaller ones, and is situated between Mozambique and Madagascar. The capital city of the Comoros is Moroni. The economy of Comoros is dependent on agriculture and fishing, with a fast-increasing population and lack of infrastructure contributing to it being one of the poorest countries in the world.
- Togo
Total GDP (in billions): $8.4
GDP Per Capita: $973
5 Year CAGR: 5.6%
Togo is a country located in West Africa. It is bordered by Ghana to the west, Benin to the east, and Burkina Faso to the north. The capital city of Togo is Lomé. Agriculture, including crops such as cassava, maize, and yams, as well as livestock and forestry, accounts for a significant share of the country’s Gross Domestic Product (GDP) and employs a large proportion of the labor force. Togo also has some mineral resources, including phosphates, limestone, and marble.
Togo has seen its development be impacted by political instability and external debts, but it has still posted a healthy CAGR over the previous five years. This growth has been supported by increased foreign investment, particularly in the mining and construction sectors, and by improved infrastructure.
- Tajikistan
Total GDP (in billions): $8.7
GDP Per Capita: $897
5 Year CAGR: 3.0%
Tajikistan is a country located in Central Asia. It is bordered by Kyrgyzstan to the north, China to the east, Afghanistan to the south, and Uzbekistan to the west. The capital city of Tajikistan is Dushanbe. The country’s recent economic growth has been supported by increased foreign investment, particularly in the mining and hydroelectric sectors, and by improved infrastructure. Tajikistan also faces a number of other economic challenges, including a large trade deficit, limited infrastructure, and a reliance on a single commodity (aluminum) for a significant share of its export revenue. Civil unrest has been part of the country’s history for a while, in addition to government corruption which has stifled its growth potential.
- Rwanda
Total GDP (in billions): $11.1
GDP Per Capita: $822
5 Year CAGR: 3.7%
Rwanda is a small, landlocked country located in East Africa. It is known for its stunning natural beauty, with rolling hills, lakes, and mountains, and is home to a number of national parks and wildlife reserves.
Rwanda is also known for its efforts to promote peace and reconciliation following the 1994 Rwandan genocide, in which an estimated 800,000 people were killed. The country has made significant progress in rebuilding and reconciling its society, and has been recognized internationally for its efforts to promote gender equality and improve the lives of women and girls.
In recent years, Rwanda has also been recognized for its rapid economic growth and efforts to attract foreign investment. The country has implemented a number of economic reforms and has a business-friendly environment, which has helped to drive growth in sectors such as tourism, manufacturing, and services.
- Niger
Total GDP (in billions): $14.9
GDP Per Capita: $591
5 Year CAGR: 5.9%
Niger is a landlocked country located in West Africa. It is known for its vast, arid desert landscape and its diverse population, which includes a number of ethnic groups and languages. Niger is also home to a number of important natural resources, including uranium, oil, and gold.
Agriculture accounts for more than 40% of the country’s GDP, with over 10 million people in Niger living in extreme poverty. The country has a high poverty rate, with more than three-quarters of the population living below the poverty line, and has been working to address challenges such as food insecurity, limited access to education and healthcare, and inadequate infrastructure.
- Kiribati
Total GDP (in billions): $0.2
GDP Per Capita: $1,606
5 Year CAGR: 1.9%
Kiribati is a small island nation located in the Pacific Ocean. It is made up of 33 coral atolls and islets, and is located about halfway between Australia and Hawaii. Kiribati is known for its pristine beaches, clear blue waters, and unique cultural traditions.
Kiribati is also known for its vulnerability to the impacts of climate change, particularly sea level rise. The country’s low-lying islands are at risk of being inundated by rising seas, which could lead to the displacement of its population and the loss of critical infrastructure. Kiribati has been at the forefront of efforts to address climate change and advocate for the rights of small island developing states.
Kiribati’s imports are more than double the level of its exports, which is not a sustainable for a country if it wants to develop in the long term.
- Chad
Total GDP (in billions): $11.8
GDP Per Capita: $686
5 Year CAGR: 3.3%
Chad is a landlocked country located in Central Africa. Chad is known for its vast oil reserves, which have been a significant source of revenue for the country in recent years. However, Chad has also faced a number of challenges, including political instability, conflict, and a lack of infrastructure. Internal conflict and high levels of corruption has ensured that more than two-thirds of the population living below the poverty line, and has been working to address challenges such as food insecurity, limited access to education and healthcare, and inadequate infrastructure.
- Mozambique
Total GDP (in billions): $15.8
GDP Per Capita: $492
5 Year CAGR: 3.6%
Mozambique is a country located in Southeast Africa. It is known for its long coastline, which stretches along the Indian Ocean, and its diverse landscape, which includes a number of national parks and wildlife reserves. Mozambique is also home to a number of ethnic groups and languages, and has a rich cultural heritage.
Mozambique is known for its natural resources, including coal, natural gas, and hydroelectric power, which have been a significant source of revenue for the country in recent years. However, Mozambique has also faced a number of challenges, including political instability, conflict, and a lack of infrastructure. The country has a high poverty rate, with more than two-thirds of the country have to live in poverty and even in Sub-Sahara Africa, it is one of the poorest nations.
- Malawi
Total GDP (in billions): $12.6
GDP Per Capita: $635
5 Year CAGR: 7.1%
Malawi is a low-income, developing country with a largely agrarian economy. Agriculture, including crops such as maize, tobacco, and legumes, as well as livestock and forestry, accounts for a significant share of the country’s Gross Domestic Product (GDP) and employs a large proportion of the labor force. Malawi also has some mineral resources, including limestone and uranium. Malawi has one of the highest CAGRs among the poorest countries in the world, which it needs to maintain to sustain its high population growth.
- Madagascar
Total GDP (in billions): $14.5
GDP Per Capita: $501
5 Year CAGR: 1.9%
Madagascar is an island nation located in the Indian Ocean, off the eastern coast of Africa. It is known for its unique flora and fauna, which includes a number of species found nowhere else in the world. Madagascar, which is dependent on both tourism and agriculture, has seen 90% of its forests disappear in addition to seeing over a fifth of the country burning every year from agricultural fires which has resulted in severe environmental degradation. Madagascar has some mineral resources, including coal, oil, and natural gas.
- Lesotho
Total GDP (in billions): $2.5
GDP Per Capita: $1,o94
5 Year CAGR: 1.6%
Lesotho is a small, landlocked country located in Southern Africa. Lesotho is known for its natural resources, including water, which is a major source of revenue for the country through the export of hydroelectric power. However, Lesotho has also faced a number of challenges, including political instability, conflict, and a lack of infrastructure. The country has a high poverty rate, with more than three-quarters of the population living below the poverty line. Lesotho has been plagued by slow economic development and political instability.
- Afghanistan
Total GDP (in billions): $14.8
GDP Per Capita: $369
5 Year CAGR: -4.8%
The International Monetary Fund (IMF) estimates that Afghanistan’s economy contracted by approximately 50% between 2001 and 2020, and that the poverty rate rose from 35% in 2001 to 60% in 2020. The Taliban returned to governing Afghanistan last year after the U.S. occupation, which lasted 20 years, ended without any significant progress made while trillions of dollars were spent. With sanctions being implemented on the Taliban because of their decisions which are against Western values, Afghanistan’s economy is likely to shrink further in the coming years.
- Syria
Total GDP (in billions): $11.1
GDP Per Capita: $533
5 Year CAGR: -7.5%
Syria has the second worst CAGR of any countries in the world, thanks to it being home to a major proxy war involving major nations which has resulted in a major recession in the country leading to a crisis among the population in the country. The International Monetary Fund (IMF) estimates that Syria’s economy contracted by approximately 60% between 2010 and 2020, and that the poverty rate rose from 35% in 2010 to 70% in 2020. Agriculture, including crops such as wheat, cotton, and fruits, as well as livestock and forestry, accounts for a significant share of the country’s Gross Domestic Product (GDP) and employs a large proportion of the labor force. Syria also has some mineral resources, including oil, natural gas, and phosphates.
- Liberia
Total GDP (in billions): $3.5
GDP Per Capita: $676
5 Year CAGR: 0.7%
In the last 35 years, two civil wars have taken place in Liberia, which have greatly devastated its economy. Here is what Worldbank said about Liberia:
“After contracting by 3.0% in 2020 due to the COVID-19 pandemic, growth recovered to 5.0% in 2021. The rebound was driven by improved external demand, higher prices for Liberia’s main exports, and the resumption of normal domestic activity. Meanwhile, growth slowed in the first half of 2022, even if mining and construction continued to perform well. In agriculture, rubber and cocoa production dipped by 13.5% and 27%, year-on-year, respectively. In the industrial sector, iron ore, gold, and cement production all increased, reflecting firmer international prices and an uptick in construction activity. However, services growth fell, as reflected in the decline in beverages and electricity production.”
- Gambia
Total GDP (in billions): $2.0
GDP Per Capita: $772
5 Year CAGR: 6.3%
Gambia is a small country, about 10% smaller than Connecticut but with a population of 2.5 million. While it is still among the poorest countries in the world, Gambia, which is heavily dependent on agriculture, has displayed a very healthy CAGR over the past 5 years, which might make it ripe for investment.
- Guinea-Bissau
Total GDP (in billions): $1.6
GDP Per Capita: $795
5 Year CAGR: 3.9%
The country gained independence from Portugal in 1974 but has suffered from political instability since.
- Somalia
Total GDP (in billions): $7.6
GDP Per Capita: $447
5 Year CAGR: 6.3%
Somalia has faced decades of civil war, which is one of the primary reasons why it is still one of the poorest countries in the world.
- Sierra Leone
Total GDP (in billions): $4.0
GDP Per Capita: $480
5 Year CAGR: 1.7%
Sierra Leone has failed to develop at a rapid pace due to government corruption, lack of civil rights, poor infrastructure and lack of a proper educational system.
- Central African Republic
Total GDP (in billions): $2.5
GDP Per Capita: $461
5 Year CAGR: 4.0%
While the Central Africa Republic has seen improvement in recent years, it still needs to do a lot more to climb out of this list, with a lack of accountability and poor implementation of regulations being some of the reasons that the country has struggled to progress.
- Burundi
Total GDP (in billions): $2.8
GDP Per Capita: $221
5 Year CAGR: 0.5%
Topping the list of the 50 poorest countries in the world is Burundi, which has suffered massively because of internal conflict and corruption. In May 2015, a coup was attempted which failed and the country has struggled to improve since, reflected by a meagre CAGR of 0.5% over five years.- InsiderMonkey
