TOP 10 POOREST COUNTRIES IN THE WORLD 2024

Hello and welcome to itenert. Do you want to know about the poorest countries in the world? The world has enough wealth and resources to ensure that the entire human race enjoys a decent standard of living. Yet, people in countries like Burundi, South Sudan and the Central African Republic continue to live in desperate poverty. For other likely contenders for the undesirable title of the world’s poorest country-Afghanistan, Syria and Eritrea-years of political instability and conflict make it impossible to even attempt an assessment due to the lack of reliable economic figures. So how do we determine the poorest countries in the world?
While GDP per capita is often considered the standard metric, compensating for differences in living costs and rates of inflation by using purchasing power parity (PPP) can better assess an individual’s buying power in any given country.
Before getting into the list of the poorest countries in the world, let’s first understand the concept of GDP per capita and how a country is ranked on this basis. GDP stands for Gross Domestic Product, which measures a country's goods and services produced yearly. Its population must also be considered to get a clearer picture of how rich or poor a country is. Therefore, divide the GDP by the total number of people in the country to get GDP per capita. 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. Some countries might have artificially inflated GDPs due to being tax havens. GDP per capita PPP is a helpful tool to pinpoint the poorest countries in the world. If you are new to the channel, kindly subscribe to the channel, like and share the video. Let us hear you in the comment box below, where you are watching us from. These are the poorest countries in the world in 2024 by GDP per capita PPP as estimated by the International Monetary Fund (IMF) as of May 07, 2024.
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