One of the world’s leading economics firms, Visual Capitalist has released a report of the poorest countries in the world in cognizance of Gross Domestic Product (GDP) per capita.
The firm noted that the Global GDP per capita has continued to rise with projections placed at $13,920 for this year. However, they noted that over 120 countries have GDPs that are below the global average.
According to Visual Capitalist, Sierra Leone is the second poorest nation in the world with a GDP per capita of $472 as compared to $716 in 2013.
Next to Sierra Leone in third place is Malawi with a GDP per capita placed $483
Burundi remains the poorest nation in the world with a GDP per capita of just $308; a forecast lower 415 times than the richest country in the world, Luxembourg.
Almost all of the top 20 countries are located in Africa except war-thorn Yemen which is placed at 15.
Witregardds to the veracity of the data, the firm affirmed that the projections were made in tandem with projections from the International Monetary Fund (IMF) for this year.
According to the IMF, “GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period (say a quarter or a year).”
Although the continued underperformance of African economies is not lucid enough many economists have continued to blame the effect of colonization and most recently globalization as key factors.
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