Top 10 poorest countries in Africa in 2024 – IMF
Smaller nations in challenging regions, like Liberia and Chad, struggle with limited resources, weak financial sectors, and unfavorable tax regimes, hindering foreign investments.
AD: CLICK TO GET INFORMATION
Larger countries, including the Democratic Republic of the Congo and Mozambique, still struggle with poverty due to internal conflicts, political instability, and inadequate infrastructure, hampering economic progress.
Subscribe to our YouTube ( School Law TV )
THANK YOU for constantly reading stories on Kasoanews.com, a news publishing website from Ghana.
Join us on Telegram for HOT VIDEOS
Kindly like, follow, comment, and SHARE stories on all social media platforms for more entertaining updates!
Tap To Join Us On WhatsApp
Please follow us so that you don’t miss any of our newly published articles.
Visit Kasoanews.com for more news update & Kindly Subscribe to our YouTube channel to see more viral, funny videos, educative & exclusive videos.
Despite widespread global affluence, some nations face enduring poverty, as indicated by their low Gross Domestic Product (GDP) per capita rankings.
GDP measures a country’s annual production of goods and services, but for a holistic view of prosperity, consider GDP per capita by dividing the GDP by the total population.
However, this may not offer a complete perspective due to variations in the cost of living and inflation rates.
Then Purchasing Power Parity (PPP) factors in local costs and inflation rates for a more accurate comparison of living standards across nations.
Some countries might have artificially inflated GDPs due to being tax havens. GDP per capita PPP is a helpful tool to pinpoint the poorest countries in the world.
According to the International Monetary Fund (IMF), Here are the 10 poorest countries in Africa by GDP per capita (PPP) in Africa 2024 – IMF as of February 22.
South Sudan – GDP Per Capita: $492
South Sudan, the youngest country in Africa, faces severe economic challenges exacerbated by conflicts, political instability, and reliance on oil exports. The country’s economy is highly vulnerable to external shocks, making sustainable development a formidable task.
Burundi – GDP Per Capita: $936
Burundi has struggled with political unrest and economic difficulties.
The country relies heavily on agriculture, and issues like land scarcity and political instability have hindered economic growth.
Central African Republic (CAR) – GDP Per Capita: $1138
CAR continues to face economic hardships due to political instability, armed conflicts, and a lack of infrastructure. The country’s economy heavily depends on agriculture, and efforts to diversify have been impeded by ongoing challenges.
Democratic Republic of the Congo (DRC) – GDP Per Capita: $1565
Liberia, recovering from years of civil war, faces economic challenges such as a weak infrastructure, limited access to education, and high unemployment rates. Sustainable development efforts focus on rebuilding institutions and fostering economic diversification.
Madagascar – GDP Per Capita: $1988
Madagascar struggles with economic challenges including political instability, deforestation, and inadequate infrastructure.
Efforts are being made to promote ecotourism and sustainable resource management are vital for economic growth.
