Matia Samuel and Forbes
Africa-Press – South-Sudan. A study by Forbes ranked South Sudan as the poorest country in the world based on the Gross Domestic Product despite the economic potential of the youngest nation.
In an article published yesterday, titled: “Top 10 poorest countries in the world by GDP per capita [2024],” South Sudan was ranked last with GDP per capita of $492.72 billion and a population of 11,205,383 followed by Burundi with a GDP per capita of $936.42 billion and a population of 13,459,236. The Central African Republic (CAR) came in third bottom position with a GDP per capita of $1,140.00 billion at population of 5,849,358.
Forbes is an American business magazine owned by Hong Kong-based investment group since 2014, which publishes biweekly articles on finance, industry, investment, and marketing topics as well as news on business, technology, personal finance, sports, and more
According to Forbes, the methodology used, was the Gross Domestic Product (GDP) 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, dividing the GDP by the total number of people in the country to get GDP per capita.
It noted that somestimes the GDP per capita only tells part of the story and that is because the cost of living and inflation rates can vary a lot from one country to another. Purchasing Power Parity (PPP) considers the local costs and inflation rates to give a more accurate picture of the standard penetration and make a fair comparison.
It added that the poorest countries in the world in 2024 by GDP per capita PPP were estimated by the International Monetary Fund (IMF) as of February 21, 2024.
It attributed the poverty level to significant economic challenges, political instability, ongoing conflicts, and limited infrastructure, which hinders its progress. With a majority relying on traditional agriculture, violence and extreme climate events often disrupt farming, perpetuating poverty in this landlocked nation of about 11 million people.’
The Democratic Republic of Congo got the fourth position with $15.42 billion, Mozambique got the fifth position with $23.96 billion, Malawi got the sixth position with $11.04 billion, Niger seventh position with $19.54 billion, Chad got the eighth position with $13.19 billion, Liberia ninth position with $4.59 billion and Madagascar got the tenth position with $16.77 billion.
Source: The City Review South Sudan
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