This brief article will highlight the poorest and least developed countries in the world as we head into 2024. If you want more insights into the world’s unfortunate regions, read 40 Least Developed Countries in the World Heading into 2024.
10. Democratic Republic of Congo
HDI Ranking: 179
GDP Per Capita: $586
Composite Score: 10
In the Democratic Republic of Congo, the abundance of natural resources starkly contrasts with the widespread poverty, a result of historical conflicts and political instability. More than 62% of the population lives on less than $2.15 a day, highlighting the severe poverty issue. The country’s economy, heavily dependent on mining, is experiencing slow growth and increasing inflation. Additional challenges in the DR Congo include ongoing conflicts, particularly in the eastern regions, and a low Human Capital Index, reflecting poor health and educational outcomes.
9. Mali
HDI Ranking: 186
GDP Per Capita: $833
Composite Score: 9
Despite facing sanctions and agricultural setbacks, Mali’s economy demonstrated resilience in 2023, achieving modest GDP growth. However, this growth is currently at risk due to political uncertainties and rising financing costs.
8. Yemen
HDI Ranking: 183
GDP Per Capita: $676
Composite Score: 8
Currently, 19.8% of people in Yemen live on less than $2.15 a day, exacerbating malnutrition. Additionally, approximately 80% of the population relies on foreign aid, primarily due to the country’s history of conflict. Yemen’s economic landscape is further challenged by a deteriorating performance in the oil sector, currency instability, and inflation.
7. Sierra Leone
HDI Ranking: 181
GDP Per Capita: $461
Composite Score: 7
Sierra Leone is confronted with food insecurity and economic vulnerabilities resulting from external shocks and policy missteps. The dependence on food imports, particularly rice, along with a decrease in domestic agricultural productivity, exacerbates these challenges. The issue of food insecurity in Sierra Leone can be traced back to a history of civil war that caused extensive damage to infrastructure and agricultural practices.
6. Chad
HDI Ranking: 190
GDP Per Capita: $716
Composite Score: 6
Chad confronts a complex set of challenges, encompassing poverty and unemployment, which pose a significant risk of pushing millions more into impoverished conditions. Urgent reforms are imperative across multiple sectors, including oil, infrastructure, and education, to facilitate economic transformation and enhance resilience. Presently, 30.9% of Chad’s population lives on less than $2.15 a day, while its harsh climate exacerbates agricultural difficulties, further heightening food insecurity.
5. Afghanistan
HDI Ranking: 180
GDP Per Capita: $363
Composite Score: 5
Afghanistan’s economic development is hampered by many challenges, including a lack of continuous education and limited job opportunities crucial for its advancement. In 2021, the economy witnessed a substantial decline, contracting by over 20%, and this contraction continued into 2022. While signs of recovery, such as a stable currency and increasing labor demand, are emerging, the persistent economic deficiencies pose a threat to future growth.
4. Mozambique
HDI Ranking: 185
GDP Per Capita: $541
Composite Score: 4
Mozambique’s economic landscape is showing gradual improvement, demonstrated by a 4.1% year-on-year growth in 2022. However, it faces challenges such as security concerns and the effects of fluctuating fuel and food prices. Furthermore, the economy’s reliance on sectors characterized by low productivity, such as agriculture and mining, constrains its ability to achieve inclusive growth.
3. Niger
HDI Ranking: 189
GDP Per Capita: $533
Composite Score: 3
Niger experienced significant economic recovery in 2022, primarily propelled by agriculture and consumer spending, resulting in an 11.5% increase in GDP. Nonetheless, it grapples with challenges, including security concerns, vulnerability to climate change, and possible delays in oil production. The country’s livestock sector, a substantial contributor to GDP, often faces climate-related disruptions, notably droughts, impacting a considerable portion of the population.
2. Central African Republic
HDI Ranking: 188
GDP Per Capita: $427
Composite Score: 2
The Central African Republic’s economy exhibits signs of stagnation, characterized by minimal growth in 2022 attributed to extensive flooding and fuel shortages. This standstill has perpetuated a persistently high rate of extreme poverty. The country continues to rank among the world’s poorest, with a significant majority of its population living below the poverty line.
1. Burundi
HDI Ranking: 187
GDP Per Capita: $238
Composite Score: 1
In Burundi, economic conditions are fragile and vulnerable to external shocks. Economic growth, primarily propelled by agriculture and services, is hampered by limited industrial development and energy challenges. Burundi also grapples with high inflation, especially in food and fuel prices, which affects private consumption. Despite efforts to reduce the fiscal deficit and manage public debt, the economy still encounters significant obstacles.
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