In this piece, we will take a look at the 5 Cheapest Countries in the World in 2024. If you want to learn about how global cost of living pressures have shifted following the coronavirus pandemic and how some firms have grown revenue, then check out 30 Cheapest Countries in the World in 2024.
5. Central African Republic
Living Costs Per Capita: $409
Central African Republic, or CAR, is one of the least densely populated countries in the world. It has an area of 622,984 square kilometers but a population of 5.5 million lends it a density of just 7.1 people per square kilometer. CAR also has one of the smallest economies in the world, which was worth $2.7 billion and lent it a GDP per capita of $539. Its underdeveloped economy is evident by the fact that food crops dominate the country. Wood is also a major CAR export.
4. Madagascar
Living Costs Per Capita: $401
Madagascar is a coastal country that is one of the largest island nations in the world. It has a $15.7 billion economy and a GDP per capita of $529. As well as being one of the cheapest countries in the world, Madagascar is also one of the poorest countries, and most of its population lives below the poverty line. Agriculture and tourism are key sectors of its economy, and on the latter front, Madagascar benefits from its unique biodiversity and island status.
3. Mozambique
Living Costs Per Capita: $379
Mozambique is a coastal African country that has a $21.9 billion economy. It has a GDP per capita of $647. Despite vast natural resources and natural biodiversity that can expand into a vibrant tourism industry, Mozambique, like its other African peers, has suffered from corruption and conflict which have hampered its economic growth.
2. Democratic Republic of Congo
Living Costs Per Capita: $291
The Democratic Republic of Congo, or DRC, is one of the largest countries in the world in terms of area. It covers an area of 2.3 million square kilometers and also benefits from a sizeable population of 105 million. The DRC has an economy of $73 billion and a GDP per capita of $714. The economy is dependent on mining, and some even believe that the DRC could be the ‘world’s Saudi Arabia’ for the EV revolution due to its vast resources of cobalt.
1. Burundi
Living Costs Per Capita: $267
Burundi is a small African country that covers an area of just 27,834 square kilometers. It is also one of the poorest nations in the world, and a $3.1 billion economy lends it a paltry GDP per capita of $245. Dominated by colonialism throughout its history, Burundi gained independence in 1962. Nearly all Burundians are employed in agriculture, and instead of focusing on cash crops, they produce food crops for their sustenance. Burundi has also often ranked as the world’s poorest country, and its major exports are coffee and tea. Like other underdeveloped countries, Burundi also suffers from large current account deficits. According to the World Bank, while the value of Burundi’s exports is $164 million, its imports are $1 billion.
To take a complete look at some of the cheapest countries in the world, you can check out our coverage of the 30 Cheapest Countries in the World in 2024. At Insider Monkey, we delve into a variety of topics, ranging from the cities that smoke the most weed to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.