Top 10 Poorest Countries in the World Today

Burundi is an agrarian country with over 90% of the population engaged in agriculture. The largest sector is agriculture, and valuable minerals such as diamonds, gold, nickel, cobalt, platinum, uranium, and tungsten contribute to 10% of the total export value. Burundi ranks among the world's poorest countries, with an underdeveloped industry mainly processing agricultural products. The economy relies heavily on agriculture, constituting about 35% of the GDP and employing over 90% of the population. The main exports are coffee and tea, accounting for 90% of foreign exchange income. Despite a 4% annual GDP growth from 2006 to date, there are underlying weaknesses (high poverty rates, weak legal systems, inadequate transportation networks, overloaded utilities, and low administrative capacity) posing risks to the government's economic reform plans. Burundi heavily depends on aid from bilateral and multilateral donors.

Burundi is resource-poor, with underdeveloped industry. The economy primarily relies on agriculture (coffee, maize, beans, cassava, tea, cotton, and palm oil) and livestock farming (goats, sheep, and cattle). Approximately 90% of the population depends on agriculture. Major exports include coffee, tea, and bananas. The economy is highly dependent on coffee exports (accounting for up to 80% of foreign exchange earnings), making import payments unstable, depending on the global coffee market. Since October 1993, the country has experienced ethnic violence, major conflicts resulting in around 250,000 deaths and 800,000 people displaced. Insufficient access to food, medication, electricity, and water has been a challenge.

From 2006 to date, the country's GDP has been growing at 4% annually, but underlying weaknesses still pose risks to the government's economic reform plans.

Burundi's Per Capita Income: $727/year

The economy of the Democratic Republic of the Congo is a blend of rural agriculture and small-scale industrial crafts; the primary industrial region relies on oil, the backbone of the economy, providing the main source of revenue and export for the government. After the civil war in October 1997, the government openly expressed its interest in continuing economic reforms, privatization, and fostering collaboration with international financial organizations.

However, economic progress quickly got affected by oil price fluctuations and armed domestic conflicts in December 1998, causing severe budget deficits and economic hardships. Recent oil price recovery has driven economic growth; in 2010, the country achieved an economic growth rate of 10.5%. Meanwhile, the inflation rate remains stable at around 5.2%.

In 2010, the GDP of Congo reached $11.88 billion, with a per capita GDP of $3,000. However, income distribution is uneven, concentrated among a few, and the majority of the population still lives below the poverty line. Agriculture contributes only 4.4% to the GDP, with major agricultural products being rice, sugar, maize, vegetables, coffee, cocoa, cassava, peanuts, and timber. Congo's industry contributes 63.7% to its GDP, primarily relying on oil with a production of 274.4 thousand barrels per day.

Now the country is poised for a new era: on January 24, 2019, Félix Antoine Tshisekedi Tshilombo, son of the legendary opposition leader Etienne Tshisekedi, was elected as the new president. With 80 million hectares of arable land and over a thousand valuable minerals and metals beneath the surface, the Democratic Republic of the Congo has the potential to become one of the richest countries in Africa and a growth engine for the entire continent, according to the World Bank. However, inherent political instability and corruption continue to thwart that potential.

Per Capita Income of the Democratic Republic of the Congo: $791/year

Rich in gold, oil, uranium, and diamonds, Central African Republic is a country with immense wealth and incredibly impoverished people. However, after holding the title of the world's poorest nation for nearly a decade, this 4.7 million population country is showing signs of progress. For the first time since gaining independence from France in 1960, in 2016, Central African Republic democratically elected a president: former math professor and Prime Minister Faustin Archange Touadéra, who campaigned as a peacemaker, bridging the gap between the Muslim minority and the Christian majority.

The economy of Central African Republic is one of the least developed in the world. Agriculture accounts for a large proportion (55%) of the total domestic product and is fundamentally a subsistence agriculture. The unemployment rate in the country is over 30%, and the poverty rate is over 80%.

While his successful election is seen as a significant step in the nation's reconstruction, with around 75% of the population still living in extreme poverty, the road to recovery will be long. Growth has increased, driven by the timber industry and the revival of both agriculture and mining. The economy has also benefited from the resumption of diamond sales, which were partially believed to fund armed religious groups and were internationally banned in 2013.

Per Capita Income of the Central African Republic: $746/year

Explore the wonders of Morocco, a country known for its rugged mountains, expansive deserts, and a picturesque coastline along the Atlantic Ocean and the Mediterranean Sea.

Morocco, officially known as the Kingdom of Morocco, is a sovereign nation situated in the Maghreb region of North Africa. Despite its small size in the African context, Morocco has made significant strides in economic growth and implemented crucial structural reforms in recent years. Its per capita GDP, which stood at around $975 in 2010, has risen to $1,200 in 2018 and is projected to reach $1,580 by 2024. This positive trajectory has been overseen by a stable and democratic government, receiving substantial financial support from both the IMF and the World Bank.

Mozambique, a nation sculpted by the ebb and flow of time and resilience, stands at the crossroads of transformation. Ravaged by prolonged guerrilla warfare and internal strife spanning three decades, its economy teetered on the brink until international assistance provided a lifeline.

Formerly a Portuguese colony, Mozambique boasts abundant land, water resources, and a recent discovery of a natural gas field promising to inject around 40 billion dollars into its economy by 2035. Positioned strategically, it serves as a vital intermediary for global trade, with four out of six neighboring nations depending on it. Over the past decade, it declared an average GDP growth rate exceeding 5%.

Yet, it remains among the world's poorest countries, grappling with large population segments living below the poverty line. While the 15-year civil war ended in 1992, harsh climatic conditions, corruption, and political instability persist. In October 2019, the nation is poised to elect a new president and parliament, but prospects for substantial change seem bleak, as the ruling Frelimo party since 1994 and the largest opposition party, Renamo, are expected to dominate the political landscape.

Mozambique's per capita income: $1,310 USD/year

Nestled in the Indian Ocean, north of the Mozambique Channel, this volcanic archipelago is a natural haven boasting pristine beaches and a rich tapestry of diverse forests. However, economically, it grapples with nightmares. High unemployment, reliance on foreign aid, and technical support define its struggle. Despite unsuitable volcanic soil for agriculture, around 800,000 people make a living through farming, tourism, fishing, and forestry, forming the bedrock of its economy.

Since gaining independence from France in 1974, Comoros has endured prolonged political instability disrupting economic activities, prompting many to leave the country. Incumbent President Azali Assoumani, back in power for the third time in 2016, implemented structural reforms and poverty reduction programs. However, political uncertainty persists, financial accounts are in dire straits, and prolonged power outages make running a business nearly impossible.

Scarce and eroded land, overpopulated islands, and scarce resources make these underdeveloped isles among the world's poorest. The majority of the population engages in agriculture. Comoros also exports products like cloves, vanilla, and ylang-ylang. Exports: USD 9.3 million, imports: USD 49.5 million; external debt: USD 197 million; electricity production reaches 15 million kWh, consumption is at 14 million kWh.

Comoros's per capita income: $1,662 USD/year

Established in 2011, South Sudan stands as the world's youngest nation, nestled in the heart of Africa with borders touching six other countries. Despite its oil wealth, years of internal strife have relegated it to one of the least developed regions on Earth.

Violence continues to ravage the nation. Formed from the southernmost 10 territories of Sudan and home to around 60 indigenous ethnicities, a fresh conflict erupted in 2013 when President Salva Kiir accused former vice president and rebel leader Riek Machar of orchestrating a coup. The result was nearly 400,000 estimated casualties and over 4.3 million displaced.

South Sudan may be potentially wealthy, but with oil dominating its exports, fluctuating commodity prices and rising security-related costs have hindered the country's economy. Beyond the oil sector, a majority of the population engages in subsistence farming. In August 2018, Kiir and Machar signed a ceasefire and power-sharing agreement. Months later, a conference at the Vatican saw Pope Francis kneeling and kissing their feet in a plea for peace. If successful, the people of South Sudan may finally glimpse a more prosperous life.

South Sudan's per capita income: $1,613 USD/year

Located in the Indian Ocean off the coast of East Africa, this island nation spans over 900,000 km2 and benefits from economic aid programs from the World Bank and the International Monetary Fund, facilitating privatization and participation in the African Development Support Law. This law allows duty-free and unrestricted imports of goods from African countries into the U.S, yet Madagascar faces challenges meeting the standards set by these organizations. The country's economy still primarily relies on agriculture, with 80% of the population involved in production. In 2011, Madagascar's per capita GDP stood at only $467 USD, placing it among the 11 countries with per capita GDP below $500 USD.

Under the First Republic of Madagascar, French influence significantly shaped the island's economic planning and policies, serving as a key trade partner. Dominant products were cultivated and distributed nationwide through producer and consumer cooperatives. Government initiatives like rural development programs and state-owned farms were established to boost production of commodities like rice, coffee, livestock, silk, and palm oil. Widespread dissatisfaction with these policies was a crucial factor in the initiation of the Second Republic of Marxist socialism. Under this regime, formerly private banking and insurance sectors were nationalized; state monopolies were established in industries like textiles, cotton, and energy; and foreign trade and shipping fell under state control. Madagascar's economy rapidly deteriorated with reduced exports, a 75% decline in industrial production, skyrocketing inflation, and increasing government debt; rural livelihoods dwindled soon after. Over 50% of the country's export income was allocated to debt repayment.

Currently, 77% of the population lives in poverty, lacking education and access to adequate healthcare, while commodity prices here are doubling.

Madagascar's per capita income: $1,699 USD/year