From Sudan To Niger: List Of World's 10 Poorest Countries In Terms Of GDP

The US, UAE, Switzerland, Norway, Singapore and Luxembourg are among the world's richest countries. A majority of world's abundant global wealth rests in the hands of these nations. At the same time, many countries in the world still continue to suffer in extreme poverty.

Going by GDP per capita country-wise, let us list the poorest countries in the world in 2023.

List Of World¡¯s 10 Poorest Countries

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These are the poorest countries in the world in 2023 by GDP per capita PPP as estimated by International Monetary Fund (IMF).

(source :IMF, data as of 13th December 2023)

Also Read: List Of Six Countries That Are Not A Member Of The World Bank

Population Of World¡¯s Poorest Countries

South Sudan

GDP: $3.9 billion

Population: 11,104,916

Burundi

GDP: $3.4 billion

Population: 13,269,272

Central African Republic (CAR)

GDP: $2.2 billion

Population: 5,757,091

Democratic Republic of the Congo (DRC)

GDP: $42.6 billion

Population: 102,553,019

Mozambique

GDP: $3.3 billion

Population: 33,980,890

Niger

GDP: $9.2 billion

Population: 27,291,636

Malawi

GDP: $6.9 billion

Population: 21,039,999

Chad

GDP: $10.9 billion

Population: 18,327,841

Liberia

GDP: $10.9 billion

Population: 5,428,692

Madagascar

GDP: $5.76 billion

Population: 29,000,000

Methodology To Rank The Countries

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As far as the methodology for ranking the poorest countries in the world is concerned, for IMF, the calculation is done by dividing the GDP by the total number of people in the country to get GDP per capita. For the unversed, GDP stands for Gross Domestic Product, which measures a country's goods and services produced yearly. The country¡¯s population is also considered to get a clearer picture of how rich or poor a country is.

Now, here's where it gets interesting. Sometimes, the GDP per capita only tells us part of the story. That's because the cost of living and inflation rates can vary a lot from one country to another. That is where PPP penetrates to make a fair comparison. PPP stands for Purchasing Power Parity and considers the local costs and inflation rates to give a more accurate picture of the standard of living in different countries, as per Forbes report.

Some countries might have artificially inflated GDPs due to being tax havens. So, in GDP per capita ranking 2023, GDP per capita PPP is a helpful tool to pinpoint the poorest countries in the world.

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