Poorest Countries in the World 2023

Want to know about the poorest countries in the world? This article lists the bottom ten economies by GDP per capital ranking 2023

Methodology for ranking poorest countries in the world

GDP stands for Gross Domestic Product, which measures a country’s goods and services produced yearly. Its population must also be considered to get a clearer picture of how rich or poor a country is. Therefore, divide the GDP by the total number of people in the country to get GDP per capital.

Top 10 Poorest Countries in the World

Below is a ranking of the ten poorest countries, starting from the country ranked tenth poorest and progressing to the country ranked as the top poorest in the world for 2023. For the complete ranking of the world’s countries from richest to Poorest.

These are the poorest countries in the world in 2023 by GDP per capital PPP as estimated by International Monetary Fund (IMF) as of August 28, 2023

Poorest countries in the world: A closer look

As we now know the per capita income of these companies, let’s explore the reasons that have led to these bottom ten economies being categorised as the world’s poorest.

South Sudan

• GDP: $3.9 billion
• Population: 11,104,916

South Sudan, the world’s youngest country, gained independence in 2011 but faces significant economic challenges. Political instability, ongoing conflicts, and limited infrastructure hinder its progress. With a majority relying on traditional agriculture, violence and extreme climate events often disrupt farming, perpetuating poverty in this landlocked nation of about 11 million people.

Burundi

• GDP: $3.4 billion
• Population: 13,269,272

Burundi, a small landlocked country in East Africa, confronts significant socio-economic challenges, including political instability, conflicts, and inadequate infrastructure development. The nation’s economic struggles and the hardships faced by its citizens are further exacerbated by rapid population growth. With approximately 80 percent of the population reliant on subsistence agriculture, food insecurity is remarkably high compared to other sub-Saharan African countries.

Central African Republic (CAR)

• GDP: $2.2 billion
• Population: 5,757,091

The Central African Republic (CAR), situated in Central Africa, grapples with profound economic challenges due to political instability, armed conflicts, and inadequate infrastructure. The country’s wealth in gold, oil, uranium, and diamonds contrasts starkly with the widespread poverty experienced by its citizens. The combination of price increases for essential goods following the war in Ukraine and severe flooding and drought cycles has further exacerbated the CAR’s economic struggles.

Somalia

• GDP: $7.5 billion
• Population: 18,192,151

Situated in the Horn of Africa, Somalia has been plagued by years of political instability, armed conflicts, and humanitarian crises. The absence of a functioning central government, limited infrastructure, and widespread poverty have hindered the country’s progress.

Democratic Republic of the Congo (DRC)

• GDP: $42.6 billion
• Population: 102,553,019

The Democratic Republic of Congo, or the DRC, the biggest country in Sub-Saharan Africa, faces profound economic challenges despite its wealth in natural resources like cobalt and copper. Most of the population lives in poverty, with around 62 percent of Congolese living on less than $2.15 a day. Malnutrition, limited access to education and healthcare, and high fertility rates further exacerbate the country’s poverty and development constraints.

Mozambique

• GDP: $3.3 billion
• Population: 33,980,890

Mozambique, a sparsely populated country and a resource-rich former Portuguese colony, faces poverty due to natural disasters, disease, rapid population growth, low agricultural productivity, and wealth inequality. Despite its resource richness and strong GDP growth, the country remains among the world’s poorest, exacerbated by attacks from Islamic insurgent groups in the gas-rich north.

Niger

• GDP: $9.2 billion
• Population: 27,291,636

Niger, a landlocked West African country, faces economic challenges and high poverty rates due to limited natural resources, frequent droughts, and a predominantly agricultural economy. With 80 percent of its territory blanketed by the Sahara Desert and a growing population reliant on small-scale agriculture, desertification poses a significant threat.

Malawi

• GDP: $6.9 billion
• Population: 21,039,999

Despite its beautiful landscapes, Malawi, located in southeastern Africa, grapples with significant economic challenges. The nation relies heavily on rain-fed agriculture, making it vulnerable to climate change and fluctuating commodity prices. Nonetheless, the government remains committed to promoting economic diversification, improving education and healthcare, and reducing poverty.

Chad

• GDP: $10.9 billion
• Population: 18,327,841

Chad, located in Africa, faces significant economic challenges and high poverty rates despite having substantial oil reserves. The nation heavily relies on rain-fed agriculture, which leaves it vulnerable to weather-related shocks and widespread food insecurity. Human rights abuses and crackdowns on political opposition and dissent have been reported, raising concerns about democratic principles.

Liberia

GDP: $10.9 billion

Population: 5,428,692

Liberia’s enduring poverty stems from violent conflicts, including civil wars and outbreaks like Ebola, leading to unstable infrastructure and limited services. Forced migration disrupts agriculture, contributing to food insecurity. International organisations like the World Food Programme strive to alleviate poverty and improve the country’s future through sustainable development efforts and investment in education and healthcare.

FAQs

1. Which is the world’s poorest country in Asia?

Among the poorest countries in the world, the world’s poorest country in Asia is Yemen, with a GDP per capita of $2,136. However, years of ongoing conflicts make it hard to determine precise economic figures for assessment.

2. Which is the wealthiest nation in the world judged by GDP per capita country-wise?

Ireland is the richest country in the world by GDP per capita ranking in 2023, with the highest GDP per capita PPP of $145,196. 

3. What is Purchasing Power Parity (PPP)?

Purchasing Power Parity (PPP) is an economic theory comparing currency values based on a basket of goods, equalizing their buying power and exchange rates between different countries.

4. What is the GDP per capita (PPP) of India?

As of 2022, India’s GDP per capita (PPP) stood at $9.07 thousand

The list below of the poorest countries in the world measures 97 countries by GDP and PPP and ranks them from poorest to richest. These values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.