Over half of the nations in Africa are considered to be the poorest in the world. The continent as a whole has lower levels of success economically than the other six continents around the world. Africa, however, is developing very quickly and has seen significant economic improvement and development in the past decade. Even so, however, many nations aren’t showing economic growth, and even the countries that are improving are not experiencing nearly as much growth as the nations would like. Economic insecurity, political instability, and civil wars within these nations have left many of Africa’s citizens living a life of poverty.
One of the factors used to determine the wealth of nations around the world is the gross domestic product (GDP) per capita. The GDP per capita measures the purchasing power of each nation in the international market. GDP is an excellent indicator of affluence, and as such, it is very commonly used for the sake of determining how rich, or in this case how poor, a country is.
The poorest countries in Africa are also the poorest countries in the world. The top five poorest countries in the world are the Central African Republic, Burundi, the Democratic Republic of Congo, Niger, and Malawi.
The countries that have higher population sizes and lower life expectancies tend to have a lower overall gross national income value and GDP value in comparison to countries with fewer people and higher life expectancy rates. The Central African Republic, for example, is the second-poorest country in Africa has a population of 4.7 million people and a life expectancy of 52.9 years.
The country with the highest gross domestic product value in Africa is Equatorial Guinea. The country with the lowest GDP in all of Africa is Somalia. The difference between the highest GDP value and the lowest GDP value is approximately $34,365.18 USD. As you can see, there is a great amount of variance between the GDPs of various countries in Africa.
For some perspective, we can look at the GDP values of the richest country in the world, which is Qatar. The gross domestic product of Qatar is roughly $338,820,000,000 USD, with an accompanying GNI of $128,060 USD. Compared to the wealthiest African country, the GDP of Qatar is still over three hundred thirty-eight billion US dollars greater than the GDP of Africa’s richest country.