In this article, we will take a look at the 100 countries with the lowest GDP per capita. If you want to skip our detailed analysis, you can go directly to the 10 Countries with Lowest GDP Per Capita.
The Global Economic Outlook: 2024
According to a report by the International Monetary Fund, global growth is projected at 3.1% in 2024, 0.2% higher than the projection made by the World Economic Outlook (WEO) in October 2023. Global Growth is expected to expand by 3.2% in 2025. While the economic outlook is consistently improving, the 2024 to 2025 average is significantly under the historical average between 2000 and 2019. Inflation rates are expected to decline to 5.8% in 2024 and 4.4% in 2023.
The 2024 rate cut has long been awaited, adding to the uncertainty around the global economic outlook. On April 5, Reuters reported that the Fed may delay cutting interest rates as it looks forward to data that assesses the moderation of the inflation rate. While some experts reinforce that the rate cut should be due and expected sometime in 2024, other policymakers hold a bearish view of the rate-cutting agenda. They hint that a rate cut may be unnecessary if inflation continues to moderate. On Thursday, the three major US indexes fell by more than 1%, yield on 10-year treasury notes expanded by 6.7 basis points to reach 4.376%, and the dollar index grew by 0.13%. Amidst the uncertainty, investors await US CPI inflation data for March to predict the Fed’s behavior moving forward.
India: One of the Fastest Growing Economy
India is one of the fastest growing economies in the world. On February 29, Reuters reported that India’s economy grew fastest in the final three months of 2023 through the last one and a half years. Such can primarily be attributed to the expanding manufacturing and construction industry. The economy grew by 8.4% in the final quarter of 2023, beating original estimations of 6.6%. The economy is expected to expand by 7.6% by March 31, compared to original estimates of 7.3%. The government has massively increased spending on infrastructure, electronics, and semiconductors. Among some of the fastest growing economies in the past 5o years, India ranks 17th.
On April 4, Reuters reported that the Indian government aims to grow the economy to $6.69 trillion by 2030, from its current valuation of $3.51 trillion. The government aims to expand per capita income to $4,418 from $2,500 in the next six years. Independent economists in India suggest that if real GDP grows by 6% to 6.5%, inflation remains constant at 4.5%, and the rupee depreciates only by 1% to 1.15% every year, the Indian economy may be valued twice as big in the next 7 years. The government aims to achieve such by enhancing workforce productivity and the export of goods and services.
Major Players in India & Their Contributions
HDFC Bank Limited (NYSE:HDB), ICICI Bank Limited (NYSE:IBN), and Infosys Limited (NYSE:INFY) are among the major players in India. These companies significantly enhance the state of technology and infrastructure in the country. Let’s discuss some recent updates and offerings from these companies. You can also take a look at the best Indian ETFs for 2024.
HDFC Bank Limited (NYSE:HDB) is a leading banking and financial services company headquartered in Mumbai, India. HDFC Bank Limited (NYSE:HDB) has a market capitalization of $149.68 billion, as of April 4, 2024, and is home to more than 173,000 employees. The company’s contribution to the economy is not limited to its expansion. On January 17, HDFC Bank Limited (NYSE:HDB) announced its plan to fund 30 accelerators and incubators under the Parivartan Startup Grants. These startups will then provide elaborate mentorship and financial support to over 100 social impact startups. Since 2017, the bank has issued grants worth INR 45 crore in the past 75 years to more than 75 incubators and 250 startups.
ICICI Bank Limited (NYSE:IBN) is a multinational bank and financial services provider headquartered in Mumbai, India. The company holds a strong presence in the country, with a market capitalization of $91.09 billion, as of April 4, 2024. ICICI Bank Limited (NYSE:IBN) helps individuals grow their investments using a range of options including fixed deposits, mutual funds, retirement plans, and stock investments. Some popular products include home loans, personal loans, and car loans. It also provides debt management and credit card services.
Infosys Limited (NYSE:INFY) is a leading technology company based in Bengaluru, India. On March 6, Infosys Limited (NYSE:INFY) renewed its partnership with ATP Tour to fuel AI-backed innovations in professional tennis. The partnership has been renewed up until 2026. The partnership was first forged in 2015 and since then the company has launched a range of digital assets for ATP including the ATP PlayerZone, the ATP Tour fan app, and numerous AI features backed by Infosys Topaz. These platforms have contributed to an increase in tennis traffic by 50%. The company is home to more than 322,000 employees and has a market capitalization of $74.03 billion, as of April 4, 2024.
While India is one of the fastest growing economies in the world, it also ranks as one of the countries with the lowest GDP per capita. GDP per capita is a fairly reliable measure of prosperity and poverty, but it isn’t perfect. GDP per capita is underestimated especially in poor countries where a large percentage of the population is engaged in unrecorded economic activities. For example, in a developed countries like the US, a working mother may spend money on child care and domestic help, and all of these economic activities are recorded in the GDP of the country. On the other hand, a woman in a poor Sub-Saharan country, may work at the family’s garden/farm where some of the production is used by the family and gets never recorded in the country’s GDP. The same mother takes care of all childcare and housework and these activities never get recorded in the GDP either.
Barter exchange, the practice of trading goods and services directly for other goods and services without the use of currency, is notably prevalent in many developing economies. This economic phenomenon poses significant challenges in terms of measurement and inclusion in GDP calculations. The inherent difficulty stems from the fact that many low-income countries often lack the necessary resources to conduct comprehensive and frequent surveys of economic activity. Consequently, this can result in underestimations of GDP, particularly in informal sectors such as subsistence farming or small-scale enterprises operating without official permits.
Statistical agencies in these countries often face constraints in terms of trained personnel and infrastructure required for accurate data collection and analysis. This deficiency can lead to various errors throughout the data collection, processing, and interpretation stages. As a result, the true extent of economic activity, including the contributions of barter exchanges and informal sectors, may not be fully captured in official GDP figures. This underreporting can hinder policymakers’ ability to formulate effective economic strategies and allocate resources efficiently, thereby impeding overall development efforts. Consequently, addressing these challenges in data collection and analysis is crucial for enhancing the accuracy and reliability of economic indicators in low-income countries.
The reliability of collected data can be compromised, particularly in nations characterized by corruption or lacking robust governance structures. In such environments, businesses and individuals may deliberately understate their income or economic activities to evade taxes or circumvent regulatory requirements. Consequently, this underreporting introduces inaccuracies into GDP calculations and distorts the true economic picture.
Furthermore, GDP measurements are frequently denominated in US dollars for international comparison, yet exchange rates are subject to considerable fluctuations. These fluctuations pose challenges when comparing GDP figures across different countries or tracking changes over time. Exchange rate volatility can skew perceptions of economic growth or contraction, as fluctuations in currency values may mask underlying trends in real economic output. Therefore, ensuring the accuracy and comparability of GDP data across borders requires careful consideration of exchange rate dynamics and potential biases stemming from underreported economic activities. With that let’s take a look at the 100 poorest countries in the world in 2024.
100 Countries with Lowest GDP Per Capita
Our Methodology
To come up with the 100 countries with the lowest GDP per capita, we sourced the GDP per capita in current US dollars in 2023 from the International Monetary Fund. It is to be noted that for some countries the 2023 was not available and therefore we had to tabulate the 2023 GDP per capita using GDP growth rates sourced from official government statements. Our list of the 100 countries with the lowest GDP per capita is in descending order of the GDP per capita in current US dollars for the fiscal year 2023.
100 Countries with Lowest GDP Per Capita
100. Colombia
GDP Per Capita (2023): $6,975.87
Colombia ranks among the countries with the lowest GDP per capita in the world.
99. Jamaica
GDP Per Capita (2023): $6,830.87
Jamaica had a GDP per capita of $6,830.87 in 2023.
98. Equatorial Guinea
GDP Per Capita (2023): $6,502.19
Equatorial Guinea ranks 98th on our list.
97. Ecuador
GDP Per Capita (2023): $6,500.05
In 2023, Ecuador had a GDP per capita of $6,500.05.
96. Moldova
GDP Per Capita (2023): $6,410.93
Moldova has one of the lowest GDP per capita.
95. South Africa
GDP Per Capita (2023): $6,190.74
South Africa ranks among the countries with the lowest GDP per capita in the world.
94. Marshall Islands
GDP Per Capita (2023): $6141.23
In 2023, the Marshall Islands had a GDP per capita of $6,141.23.
93. Fiji
GDP Per Capita (2023): $6,024.78
Fiji has one of the lowest GDP per capita in the world.
92. Kosovo
GDP Per Capita (2023): $5,912.08
Kosovo ranks 92nd on our list.
91. Iraq
GDP Per Capita (2023): $5,882.89
Based on 2023 data, Iraq ranks among the countries with the lowest GDP per capita.
90. Libya
GDP Per Capita (2023): $5,872.22
Libya has one of the lowest GDP per capita in the world.
89. Paraguay
GDP Per Capita (2023): $5,842.96
Paraguay ranks 89th on our list.
88. Tuvalu
GDP Per Capita (2023): $5,772.92
Tuvalu had a GDP per capita of $5,772.92 in 2023.
87. Suriname
GDP Per Capita (2023): $5,667.11
Suriname reported a GDP per capita of $5,667.11 in 2023.
86. El Salvador
GDP Per Capita (2023): $5,557.58
El Salvador ranks among the countries with the lowest GDP per capita in the world.
85. Tonga
GDP Per Capita (2023): $5,487.67
Tonga has one of the lowest GDP per capita in the world.
84. Guatemala
GDP Per Capita (2023): $5,407.24
Guatemala ranks 84th on our list.
83. Mongolia
GDP Per Capita (2023): $5,348.07
Mongolia had a GDP per capita of $5,348.07 in 2023.
82. Ukraine
GDP Per Capita (2023): $5,224.59
Ukraine reported a GDP per capita of $5,224.59 in 2023.
81. Indonesia
GDP Per Capita (2023): $5,108.94
Indonesia has one of the lowest GDP per capita in the world.
80. Algeria
GDP Per Capita (2023): $4,874.71
In 2023, Algeria had a GDP per capita of $4,874.71.
79. Jordan
GDP Per Capita (2023): $4,850.66
Jordan ranks 79th on our list of the countries with the lowest GDP per capita.
78. Namibia
GDP Per Capita (2023): $4,785.68
Namibia has one of the lowest GDP per capita in the world.
77. Samoa
GDP Per Capita (2023): $4,638.15
Based on 2023 data, Samoa ranks 77th on our list.
76. Cabo Verde
GDP Per Capita (2023): $4,502.78
Cabo Verde has one of the lowest GDP per capita in the world.
75. Micronesia
GDP Per Capita (2023): $4,357.64
Micronesia reported a GDP per capita of $4,357.64 in 2023.
74. Vietnam
GDP Per Capita (2023): $4,316.34
Vietnam ranks 74th on our list.
73. Iran
GDP Per Capita (2023): $4,233.99
Iran ranks among the countries with the lowest GDP per capita in the world.
72. Tunisia
GDP Per Capita (2023): $4,190.60
Tunisia reported a GDP per capita of $4,190.60 in 2023.
71. Lebanon
GDP Per Capita (2023): $4,059.90
Lebanon has one of the lowest GDP per capita in the world.
70. Eswatini
GDP Per Capita (2023): $3,995.03
Eswatini ranks 70th on our list.
69. Morocco
GDP Per Capita (2023): $3,979.87
Morocco has one of the lowest GDP per capita in the world.
68. Philippines
GDP Per Capita (2023): $3,859.19
The Philippines reported a GDP per capita of $3,859.19 in 2023.
67. Bolivia
GDP Per Capita (2023): $3,857.84
Based on 2023 data, Bolivia ranks 67th on our list.
66. Egypt
GDP Per Capita (2023): $3,770.13
Egypt ranks 66th on our list of the countries with the lowest GDP per capita in the world.
65. Djibouti
GDP Per Capita (2023): $3,761.24
Djibouti reported a GDP per capita of $3,761.24 in 2023.
64. Bhutan
GDP Per Capita (2023): $3,500.49
Bhutan ranks 64th on our list.
63. Vanuatu
GDP Per Capita (2023): $3,491.86
Vanuatu has one of the lowest GDP per capita in the world.
62. Venezuela
GDP Per Capita (2023): $3,474.33
Venezuela reported a GDP per capita of $3,474.33 in 2023.
61. Sri Lanka
Estimated GDP Per Capita (2023): $3,316.25
Based on 2023 data, Sri Lanka ranks among the countries on our list.
60. Honduras
GDP Per Capita (2023): $3,245.02
Honduras ranks 60th on our list of the countries with the lowest GDP per capita.
59. São Tomé and Príncipe
GDP Per Capita (2023): $2,904.72
São Tomé and Príncipe had a GDP per capita of $2,904.72 in 2023.
58. The Republic of Congo
GDP Per Capita (2023): $2,857.61
The Republic of Congo ranks 58th on our list.
57. West Bank and Gaza
Estimated GDP Per Capita (2023): $2,753.60
West Bank and Gaza have one of the lowest GDP per capita in the world.
56. Côte d’Ivoire
GDP Per Capita (2023): $2,728.08
Côte d’Ivoire had a GDP per capita of $2,728.08 in 2023.
55. Bangladesh
GDP Per Capita (2023): $2,621.29
Bangladesh ranks 55th on our list of the countries with the lowest GDP per capita.
54. India
GDP Per Capita (2023): $2,612.45
India has one of the lowest GDP per capita in the world.
53. Nicaragua
GDP Per Capita (2023): $2,599.26
Based on 2023 data, Nicaragua reported a GDP per capita of $2,599.26.
52. Papua New Guinea
GDP Per Capita (2023): $2,581.18
Papua New Guinea has one of the lowest GDP per capita in the world.
51. Angola
GDP Per Capita (2023): $2,550.00
Angola ranks 51st on our list.
50. Uzbekistan
GDP Per Capita (2023): $2,509.16
Uzbekistan has one of the lowest GDP per capita in the world.
49. Mauritania
GDP Per Capita (2023): $2,337.91
Mauritania reported a GDP per capita of $2,337.91 in 2023.
48. Ghana
GDP Per Capita (2023): $2,328.97
Ghana ranks 48th on our list of the countries with the lowest GDP per capita.
47. Solomon Islands
GDP Per Capita (2023): $2,285.40
Based on 2023 data, the Solomon Islands has a GDP per capita of $2,285.40.
46. Kenya
GDP Per Capita (2023): $2,187.65
Kenya ranks 46th on our list of the countries with the lowest GDP per capita in the world.
45. Haiti
GDP Per Capita (2023): $2,125.32
Haiti reported a GDP per capita of $2,125.32 in 2023.
44. Zimbabwe
GDP Per Capita (2023): $2,005.88
Zimbabwe has one of the lowest GDP per capita in the world.
43. Kiribati
GDP Per Capita (2023): $1,968.03
Based on 2023 data, Kiribati had a GDP per capita of $1,968.03.
42. Cambodia
GDP Per Capita (2023): $1,915.63
Cambodia has one of the lowest GDP per capita in the world.
41. Lao P.D.R.
GDP Per Capita (2023): $1,878.71
Lao P.D.R. ranks 41st on our list of the countries with the lowest GDP per capita.
40. Kyrgyz Republic
GDP Per Capita (2023): $1,829.59
Kyrgyz Republic’s GDP per capita grew from $1,829.59 in 2022 to $1,829.59 in 2023.
39. Nigeria
GDP Per Capita (2023): $1,755.33
Nigeria is one of the top 50 poorest countries in the world.
38. Cameroon
GDP Per Capita (2023): $1,721.95
Cameroon ranks 38th on our list of the countries with the lowest GDP per capita.
37. Senegal
GDP Per Capita (2023):
Senegal had a GDP per capita of $1,714.65 in 2023.
36. Guinea
GDP Per Capita (2023): $1,542.76
Guinea reported a GDP per capita of $1,542.76 in 2023.
35. Timor-Leste
GDP Per Capita (2023): $1,497.41
Timor-Leste has one of the lowest GDP per capita in the world.
34. Ethiopia
GDP Per Capita (2023): $1,473.36
Ethiopia reported a GDP per capita of $1,473.36 in 2023.
33. Pakistan
GDP Per Capita (2023): $1,471.10
Pakistan ranks 33rd on our list of the countries with the lowest CDP per capita in the world.
32. Benin
GDP Per Capita (2023): $1,449.11
Benin has one of the lowest GDP per capita in the world.
31. Zambia
GDP Per Capita (2023): $1,435.89
Zambia reported a GDP per capita of $1,435.89 in 2023.
30. Myanmar
GDP Per Capita (2023): $1,381.06
Myanmar ranks 30th on our list of the countries with the lowest GDP per capita.
29. Comoros
GDP Per Capita (2023): $1,377.02
Comoros has one of the lowest GDP per capita in the world.
28. Nepal
GDP Per Capita (2023): $1.352.61
Nepal ranks 28th on our list of the countries with the lowest GDP per capita.
27. Tanzania
GDP Per Capita (2023): $1,326.63
Tanzania’s GDP per capita grew from $1,252.88 in 2022 to $1,326.63 in 2023.
26. Tajikistan
GDP Per Capita (2023): $1,180.06
Tajikistan is one of the poorest countries in the world.
25. Uganda
GDP Per Capita (2023): $1,163.03
Uganda ranks 25th on our list of the countries with the lowest GDP per capita.
24. Lesotho
GDP Per Capita (2023): $1,110.18
Lesotho had a GDP per capita of $1,110.18 in 2023.
23. Rwanda
GDP Per Capita (2023): $1,031.69
Rwanda ranks 23rd on our list of the countries with the lowest GDP per capita.
22. Guinea-Bissau
GDP Per Capita (2023): $1,028.22
Guinea-Bissau has one of the lowest GDP per capita in the world.
21. Togo
GDP Per Capita (2023): $1,004.47
Togo had a GDP per capita of $1,004.47 in 2023.
20. Mali
GDP Per Capita (2023): $912.64
Mali has one of the lowest GDP per capita in the world.
19. Gambia
GDP Per Capita (2023): $903.29
Gambia ranks 19th on our list of countries with the lowest GDP per capita in the world.
18. Burkina Faso
GDP Per Capita (2023): $888.03
Burkina Faso is one of the poorest countries in the world.
17. Liberia
GDP Per Capita (2023): $800.21
Liberia had a GDP per capita of $800.21 in 2023.
16. Somalia
GDP Per Capita (2023): $717.41
Somalia ranks 16th on our list of the countries with the lowest GDP per capita in the world.
15. Chad
GDP Per Capita (2023): $702.85
Chad is among the poorest countries in the world.
14. Democratic Republic of Congo
GDP Per Capita (2023): $675.48
Democratic Republic of Congo had a GDP per capita of $675.48 in 2023.
13. Eritrea
Estimated GDP Per Capita (2023): $656.83
Eritrea ranks 13th on our list of the countries with the lowest GDP per capita.
12. Mozambique
GDP Per Capita (2023): $647.14
Mozambique has one of the lowest GDP per capita in the world.
11. Niger
GDP Per Capita (2023): $630.80
Niger ranks 11th on her list of the countries with the lowest GDP per capita.
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Disclosure: None. 100 Countries with Lowest GDP Per Capita is originally published on Insider Monkey.