In this article, we will look at the 30 Least Developed Countries in the World: 2024 Rankings.
World Economic Outlook
The global financial position has remained stable since the April 2024 world economic outlook update from the IMF. According to the IMF July 2024 update, global economic growth is expected to be at 3.2% in 2024 and 3.3% in 2025 being broadly the same as the April 2024 update. The regional outlooks have changed slightly mainly due to the upward revisions in commodity prices, the rise in non-fuel prices, and the slowdown of global disinflation.
The projections for the United States have been revised down 0.1% lower than the April 2024 update and the economy is now expected to grow at 2.6% in 2024. The growth is expected to slow down further to 1.9% in 2025 as the labor market is expected to cool down along with the commodity prices, and the fiscal policy is likely to tighten up next year. On the other hand, the forecast for the Euro Area has modestly increased by 0.1% since the April 2024 update. The strong services sector and higher-than-expected net exports during the first half of the year contribute to the upward revision. To read more about the emerging economies of the world, you can look at the 50 Biggest Economies in the World by the End of 2024.
The emerging and developing economies, especially those in Asia have witnessed an increase in the projections. For instance, in China the growth has been revised upwards to 5% in 2024, mainly owing to a rebound in private sector consumption and a strong export market during the year. The forecasts for India have also been revised upwards to 7.0% this year due to its improved prospects of growth, private consumption and development in rural areas.
The regions that remain under financial headwinds and for which growth has been revised down are Latin America and the Caribbean, East and Central Asia (Including the Middle East) and Sub-Saharan Africa. For the Latin American and Caribbean region, the floods in Brazil and the moderation in consumer demand in Mexico are the main contributing factors to the growth slowdown. The Middle Eastern oil-producing countries have also witnessed a decrease in growth rates mainly due to regional conflicts and oil production cuts. Lastly, Sub-Saharan Africa’s growth has been revised downward because of a 0.2% decline in the outlook of Nigeria due to its weaker-than-expected economic activity in the first quarter of 2024.
Economic Outlook of Africa
Africa is the world’s second-largest and most populous continent, yet a majority of least developed countries in the world belong to Africa. Despite the strong economic performance, the continent’s structural transformation to meet the growing development needs has been slow and uneven. According to the African Development Bank, the real GDP of Africa dropped from 4.1% in 2022 to 3.1% in 2023. The challenging economic environment arising from heightened food and energy prices, geo-political conflicts, and climate change issues has resulted in the economic slowdown during the past year. Moving ahead, the financial outlook of the continent is positive, and the economy is expected to grow at 3.7% in 2024 and 4.3% in 2025. However, these expectations are heavily reliant on the expected structural improvements in the global economy and effective policy implementation. If the economy grows as it is expected the region will continue to hold its position as the second-fastest growing region in the world. To read more about the African economy you can look at the 30 Least Developed Countries in Africa in 2024.
Companies Contributing to the African Economy
Companies like MTN Group (JSE:MTN) are contributing to economic growth in the region through building its digital infrastructure, creating job opportunities, and supporting and investing in small and medium enterprises. MTN Group (JSE:MTN) is a leading communication services provider in Africa and the Middle East. The company provides various mobile services including data, voice, SMS, and digital financial services to over 295 million customers across 19 global markets. The company also invests heavily in building the digital infrastructure across the continent. Moreover, for businesses around the continent, the group manages cloud communications, and security solutions, and provides network as a service and IoT platforms to support digital transformation for small and medium businesses.
As per the company’s annual report in 2023, the MTN Group (JSE:MTN) grew its revenue across all business segments. The group services revenue grew 6.9%, the group data services revenue grew 14.0%, and lastly, the fintech services revenue grew 21.8% year over year in 2023. The group has also been growing its subscribers throughout the year, total subscribers of MTN Group grew 2% to reach 294.8 million, whereas active data subscribers of the company grew 9.3% throughout the year in 2023.
In addition, the company contributes to the economy of Africa through tax payments. MTN Group (JSE:MTN) reported that its total tax payments in 2023 increased by 12% amounting to approximately R61.7 billion ($3.40 billion). In a press release on July 08, the group’s chief financial officer stated that the amount of taxes paid by the company is equivalent to building more than 500 high-quality schools.
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Our Methodology
To compile the list of 30 least developed countries in the world, we relied on GDP per capita (2024) and Human Development Index Score (2022), sourced from IMF and UNDP respectively. The Human Development Index score is calculated after taking into account several key indicators including, life expectancy at birth, expected years of schooling, mean year of schooling and gross national income per capita. The final score is recorded in values from 0 to 1, where 1 indicates a highly developed country. For this article we have ranked the countries using GDP per capita (2024), primarily and included Human Development Index Scores as a secondary metric. The list is ranked in ascending order of the GDP per capita.
Moreover, we have also included GDP, population, and other relevant indicators in our descriptions, sourced from the IMF’s data mapper.
30 Least Developed Countries in the World: 2024 Rankings
30. Timor-Leste
GDP Per Capita (2024): $1453.67
Human Development Index Score (2022): 0.566
The Democratic Republic of Timor-Leste is a South Asian country. The country ranks 30th on our list of least developed countries in the world. It has a GDP of $1.99 billion as of 2024, with a GDP per capita income of approximately $1450. Moreover, the country has a population of 1.37 million people during the current year.
29. Zambia
GDP Per Capita (2024): $1413.42
Human Development Index Score (2022): 0.569
Zambia ranks as the 29th least developed country in the world. It is a Southern African landlocked country known for its wildlife and safari areas. The country had a GDP of $29.87 billion in 2024, which is growing at a rate of 4.7%. In addition, Zambia has a GDP per capita of $1413.4 as of 2024, with a population of 21.14 million people.
28. Nepal
GDP Per Capita (2024): $1397.08
Human Development Index Score (2022): 0.601
Nepal is a landlocked country in South Asia. It ranks as the 28th least-developed country in the world. The country’s GDP is growing at a rate of 3.1% during the current year. Moreover, Nepal has a population of 31.62 million people and a GDP per capita of $1397.08 as of 2024.
27. Comoros
GDP Per Capita (2024): $1384.49
Human Development Index Score (2022): 0.586
Comoros ranks as the 27th least-developed country in the world. The country is situated in East Africa and is characterized by its volcanic mountains. Comoros has a GDP of $1.42 billion with a growth rate of 3.5% as of 2024. Moreover, the country has a population of only 1.03 million people and a GDP per capita of $1384.5 during the current year.
26. Tajikistan
GDP Per Capita (2024): $1271.39
Human Development Index Score (2022): 0.679
Tajikistan is a central Asian country which is surrounded by Afghanistan, China, Uzbekistan, and Kyrgyzstan on its borders. It has a GDP per capita of $1271.4, with a population of 10.19 million people in 2024. The country ranks as the 26th least developed country in the world and has a current account balance amounting to -2.1% of its GDP during the current year.
25. Myanmar
GDP Per Capita (2024): $1247.68
Human Development Index Score (2022): 0.608
Myanmar, which was formerly known as Burma ranks 25th on our list of 30 least developed countries in the world. The country is known for its ethnic diversity as it houses more than 100 ethnicities and borders with India, Bangladesh, China, Thailand, and Laos. Myanmar has a GDP of $68.01 billion as of 2024, which is growing at a rate of 1.5%.
24. Tanzania
GDP Per Capita (2024): $1220.36
Human Development Index Score (2022): 0.532
Tanzania is another East African country that ranks on our list of 30 least developed countries in the world. Much like other East African nations, Tanzania also has abundant wildlife and safari parks. The country has a GDP of $79.61 billion, which is growing at 5.5% during 2024. The country has a current account balance of -4.2% as a percentage of its GDP.
23. Uganda
GDP Per Capita (2024): $1201.97
Human Development Index Score (2022): 0.550
Uganda is a landlocked East African country that ranks 23rd on our list of 30 least developed countries in the world. The country has a population of 46.85 million people as of 2024, with a GDP per capita of $1202. Uganda has a current account deficit of -7.3% of its GDP during the current year, and its GDP amounts to $56.31 billion.
22. Nigeria
GDP Per Capita (2024): $1109.90
Human Development Index Score (2022): 0.548
Nigeria is another African country that is among the least developed countries in the world. It ranks 22nd on our list. The country has a GDP of $252.7 billion as of 2024, which is growing at a rate of 3.3%. Moreover, the population of Nigeria is 227.71 million people, with a GDP per capita of $1110 as of 2024.
21. Lesotho
GDP Per Capita (2024): $1107.08
Human Development Index Score (2022): 0.521
Lesotho is a Southern African country that ranks as the 21st least developed country in the world on our list. It has a GDP of $2.4 billion, which is growing at 2.4% during 2024. Moreover, the country has a population of 2.16 million people and its GDP per capita stands at $1107 during the current year.
20. Guinea-Bissau
GDP Per Capita (2024): $1087.49
Human Development Index Score (2022): 0.483
Guinea-Bissau is a West African country known for its national parks and wildlife. The country has a GDP of $2.15 billion as of 2024, which is growing at 5% during the year. Guinea-Bissau has a population of 1.98 million people with a GDP per capita of $1087.5 making it rank 20th on our list of least developed countries in the world.
19. Togo
GDP Per Capita (2024): $1058.32
Human Development Index Score (2022): 0.547
Togo is another West African nation that ranks 19th on our list of least developed countries in the world. The country has a GDP of $9.83 billion as of 2024, which is growing at a rate of 5.3% during the year. However, the current account balance of Togo as a percentage of GDP is in negative figures at -3.9%.
18. Chad
GDP Per Capita (2024): $1014.08
Human Development Index Score (2022): 0.394
Chad is a Central African country, which has a GDP of $18.7 billion which is growing at 2.9% during 2024. The country ranks 18th on our list of least-developed countries in the world.
17. The Gambia
GDP Per Capita (2024): $989.17
Human Development Index Score (2022): 0.495
The Gambia is a small West African nation that ranks 17th on our list of 30 least developed countries in the world. It has a GDP of 2.69 billion as of 2024, which is growing at 6.2% during the year. However, the country still faces a negative current account balance of -4.4% as a percentage of its GDP.
16. Rwanda
GDP Per Capita (2024): $988.74
Human Development Index Score (2022): 0.548
Rwanda, an East African country ranks 16th on our list of least developed countries in the world. It has a GDP per capita of $988.74 as of 2024, with a population of 13.86 million people. The country faces a negative current account balance of -12.1% of its GDP, which is estimated at $13.7 billion during the current year.
15. Burkina Faso
GDP Per Capita (2024): $910.21
Human Development Index Score (2022): 0.438
Burkina Faso ranks as the 15th least-developed country in the world. It is a West African country, with a GDP of $21.9 billion and a GDP growth rate of 5.5%. However, the country has a low GDP per capita standing at $910.21 with a population of 24.06 million people as of 2024.
14. Mali
GDP Per Capita (2024): $898.82
Human Development Index Score (2022): 0.410
Mali is another West African country that ranks on our list of least-developed countries in the world. The country has a GDP of $21.66 billion, with a growth rate of 4% during the current year.
13. Liberia
GDP Per Capita (2024): $854.85
Human Development Index Score (2022): 0.487
Next on our list is Liberia, a West African country that ranks as the 13th least developed country in the world. It has a GDP per capita of $854.9 and a population of 5.56 million during the current year.
12. Somalia
GDP Per Capita (2024): $775.94
Human Development Index Score (2022): 0.380
Somalia is an East African country that ranks 12th on our list of least developed countries in the world. It has a GDP of $12.8 billion, which is growing at 3.7% during 2024. The country faces a current account balance of -8.7% as a percentage of its GDP.
11. Democratic Republic of Congo
GDP Per Capita (2024): $714.76
Human Development Index Score (2022): 0.593
Democratic Republic of Congo, commonly known as Congo, is a Central African country. It ranks as the 11th least developed country in the world. The country had a GDP per capita of $714.6 in 2024. Moreover, Congo faces a negative current account balance account of -4.1 as a percentage of its GDP, which stands at around $73 billion.
10. Niger
GDP Per Capita (2024): $670.10
Human Development Index Score (2022): 0.548
Niger is a West African country that ranks 10th on our list of least developed countries in the world. The country has a GDP per capita of $670 as of 2024, with a population of 28.08 million people.
9. Mozambique
GDP Per Capita (2024): $659.10
Human Development Index Score (2022): 0.461
Mozambique ranks as the 9th least developed country in the world. It is situated in the southern part of Africa and has a GDP per capita of $659.1 as of 2024. Moreover, the country faces a huge current account deficit, which is standing at 38.7% of its GDP in 2024.
8. Sudan
GDP Per Capita (2024): $546.71
Human Development Index Score (2022): 0.516
Sudan is a North African nation that ranks as the 8th least developed country in the world on our list. It has a GDP of $26.87 billion as of 2024, which is contracting at 4.2% during the year. The country also faces a negative current account balance of -6.9% of its GDP in 2024.
7. Madagascar
GDP Per Capita (2024): $538.18
Human Development Index Score (2022): 0.487
Madagascar is an East African nation that ranks 7th on our list of least developed countries in the world. The country has a GDP per capita of $538.2 with a population of 30.59 million people as of 2024.
6. Central African Republic
GDP Per Capita (2024): $537.60
Human Development Index Score (2022): 0.387
Central African Republic is a Central African country that ranks 6th on our list of 30 least developed countries in the world. It has a GDP of $2.81 billion, which is growing at a slow rate of 1.3% during the year.
5. Sierra Leone
GDP Per Capita (2024): $526.59
Human Development Index Score (2022): 0.458
Sierra Leone, a West African country ranks 5th on our list of least developed countries in the world. It has a GDP per capita of $526.6, with a population of 8.56 million people.
