What is the poorest country in the world OR what is the richest country in the world, It cannot be decided without an appropriate study of the global economic system. So it is a great deal to have a correct study regarding wealth, living standard, per capita income and lots of other factors so that the country’s financial position can be determined. There are two foremost methods to determine the prosperity of a country and how rich or poor the inhabitants are.
The 1st technique that is frequently used to determine the economy is Gross domestic product (GDP) which shows the wealth of a particular country. Furthermore, the per capita GDP is proposed which shows the average savings of an individual within a the country. While on the other hand GDP and per capita GDP are not more productive when the economical comparison made stuck between the international levels as GDP is measured in the home currency of the particular nation. So a substitute measure that the majority of economists are using is GDP at purchasing power parity (PPP).
This method simply makes a precise comparison between the living standards of diverse countries as PPP highlights the cost of living and inflation rates of these countries as an alternative to using solitary exchange rate of the countries which may distort the real differences in the income of a particular nation.
What is the Poorest Country in the World in 2016 ?
As per the facts and figures provided by the World Bank, with $253 Per Capita GDP, Malawi claims to be the poorest country in the world in terms of GDP Per Capita. , It is a Sub-Saharan African country where more than 40% people are living below the poverty line. Here the agriculture sector is the main source of income for the people living in Malawi, but the land distribution is unequal, and corps are extremely unsafe to periodic droughts. Due to the lack of resources parents are unable to send their children to schools and colleges for which the literacy rate of this nation is also lower than many other African countries. Due to the poor educational condition, it is very hard for the nation to grow and put it out of world’s poorest countries.
Here people are also facing the hunger and malnutrition every day due to the lack of food in the countryside. About 45% of Malawian children below the age of five years die due to the lack of required nutrition and food – the USAID Said. Besides people are also facing many other problems for which Malawi is known the poorest country in the world. These problems include the Worst health care system, lack of education, transportation sources, highest crimes and natural disasters, etc.
With $295.1 Per Capita GDP, Burundi holds the second spot on the list of top 10 poorest countries in the world. Covering around 27834 Km2 area, it is a Central African country with more than 10.18 million population. It is widely known as the fourth least developed nation, and more than 68% of its occupants are living under the poverty line. More than 94.3% of its population depends upon the agriculture sector. The infant mortality rates, lowest educational institutes and high crime rates are among the worst in Africa continent.
Taking the third spot in the poorest countries of the world isn’t other than the Central African Republic. Here people are living on $378.6 per capita GDP. Literacy rates in the countryside are not as good as it should be. This is only because the people put their children into work at their early age. Crime rates, lack of food, natural disasters, low literacy rates, worst health care system and many other factors are affecting this nation to be the third poorest country in the world. Below is the list of top ten countries that are reported to be the poorest nations around the world by per capita GDP.
List of Top 10 Poorest Countries in the World by GDP Per Capita – 2016 Rankings
|Rank||Country||Capital||GDP Per Capita
|3.||Central African Republic||Bangui||378.6|
|8.||Congo, Dem. Rep.||Kinshasa||475.2|
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