The world has seen an immense range of development in the past few decades. Several countries have advanced in terms of poverty levels, health, education and infrastructure while some regressed. Though the world is making progress, there are still many countries that are struggling with poverty. In this article, we will learn more about the poorest countries in the world and their status on development’s ladder.
What Is Considered to Be a Poor Country?
When it comes to the poorest countries in the world, the classification of poverty depends on a country’s Gross Domestic Product (GDP).This is a measure of a country’s overall economic output and is used to assess the economic standing of a state. It is a measure of the value of all goods and services produced within a country’s borders in a given year.
According to the International Monetary Fund, a country with a GDP per capita of below $1135 is considered poor or developing. Therefore, a nation with a threshold of under $1135, is classified to be among the world’s poorest countries.
How Many Poor Countries Are There?
Currently, there are 181 countries in the world and out of these, 60 are categorized as poor or developing nations. These countries are listed on the Human Poverty Index (HPI-1). This index takes into calculation three factors – poverty rate, rural population and quality of life. The HPI-1 provides a general overview of the socio-economic problems being faced by these countries.
List of the Poorest Countries In the World
Though the world is making progressive strides with the right investments and development policies, some countries are still extremely poor. Here’s a list of the world’s 10 poorest countries and their GDPs per capita:
- South Sudan – GDP Per Capita: $630
- Central African Republic – GDP Per Capita: $625
- Somalia – GDP Per Capita: $600
- Niger – GDP Per Capita: $671
- Yemen – GDP Per Capita: $787
- Liberia – GDP Per Capita: $842
- Democratic Republic of Congo – GDP Per Capita: $871
- Burundi – GDP Per Capita: 906
- Malawi – GDP Per Capita: $920
- Eritrea – GDP Per Capita: $936
Causes of Poverty
The twenty first century has seen many countries achieve advancements especially in terms of infrastructure, education and health care. However, many developing and poor nations are yet to witness this progress. These countries are struggling with poverty due to a range of different reasons.
Many experts attribute prevailing poverty to factors such as political instability, rapid population growth, corruption and the misuse of funds. In many instances, there could be a certain government official who might use the funds received from foreign investors and lenders for other agendas. Sometimes debt burdens, a decrease in exports and an increase in imports, bad governance and natural disasters can also be some of the underlying causes of poverty.
Solutions to Combat Poverty
In order to tackle poverty and make a change, the following solutions can be implemented:
• Improving access to education: Education is the key to success and when people in poor countries are educated and trained, they increase their productivity and can become employed, thereby breaking the cycle of poverty.
• Empowering women: Women are more likely to invest their income back into their families and communities. By empowering them, there will be an overall positive impact on the community.
• Reducing corruption: Ending corruption and mismanagement of funds can go a long way in aiding poor countries.
• Enhancing access to technology: Technology plays a major role in helping the poor and has its advantages in terms of communication, access to information, improving service delivery and economic growth.
• Fighting global epidemics: It is essential to contain epidemics such as HIV/AIDS and tuberculosis that have unduly burdened developing nations.
• Increase in Foreign Direct Investments (FDIs): Foreign investments can aid in stimulating economic development and help boost infrastructure, employment and healthcare conditions.
• Promotion of trade: By promoting a country’s exports, it can help to increase its revenues and decrease poverty levels.
• Improving governance: Good governance can help with the formulation and implementation of effective policies that can help to reduce poverty levels in many countries.
The Role the United Nations Plays In Reducing Poverty
The United Nations plays an important role in helping reduce poverty in poorer countries. The Millennium Development Goals (MDGs) is one of the organizations’ strategies that are being used to foster development and reduce poverty in less privileged countries. Some of the objectives of MDG involve reducing poverty, hunger, reduce infant and maternal mortality rates, HIV/AIDS and diseases, increase access to clean water and sanitation and other objectives. Furthermore, the United Nations Development Program (UNDP) focuses attention on inequality and extreme poverty, aiming to empower people in their efforts to eradicate poverty.
It also supports advocacy through human rights campaigns and education that promotes gender equality and promotes sustainable development. The United Nations Children’s Fund (UNICEF) supports countries in reducing childhood poverty, hunger and malnutrition, improving health, education and child protection. The UN is also helping countries to come out of poverty by providing humanitarian crises, supporting legal frameworks, helping countries in debt crisis, and providing financial and analytical resources.
Overall, poverty remains one of the most pressing problems the world has been struggling with. The list of poorest countries, as mentioned, is continuously updated, depending on the GDPs. However, the good news is that, with the right strategy, investments and positive developments, these countries could pull themselves out of poverty and witness a remarkable advancement. The UN is playing its part in helping reduce poverty in these countries, however, the task at hand is still not complete. With more efforts and investments, nations can be helped in being liberated from the clutches of poverty.
