Over half of the nations in Africa are considered to be the poorest in the world. The continent 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. 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 worldwide 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 to determine how rich, or in this case, how poor a country is.
The ten poorest countries in Africa, with their GDP per capita, are:
- Somalia ($500)
- Central African Republic ($681)
- Democratic Republic of the Congo ($785)
- Burundi ($808)
- Liberia ($867)
- Niger ($1,153)
- Malawi ($1,172)
- Mozambique ($1,266)
- Eritrea ($1,434)
- South Sudan ($1,503)
Based on data collected from research looking into the GDP values of African countries, Somalia currently has the lowest GDP per capita of $500. It is ranked as number 54 in terms of countries with the lowest GDP per capita in Africa. On a global scale, Somalia is ranked at 188.
The poorest countries in Africa are also among the poorest countries in the world.
Countries with higher population sizes and lower life expectancies tend to have a lower overall gross national income value and GDP value than countries with fewer people and higher life expectancy rates. The Central African Republic, for example, is the second-poorest country in Africa and 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, and the country with the lowest GDP is Somalia. The difference between the highest GDP value and the lowest GDP value is approximately $34,365.18. As you can see, there is a significant amount of variance between the GDPs of various countries in Africa.
For some perspective, we can look at the GDP values of the wealthiest country in the world, which is Qatar. The gross domestic product of Qatar is roughly $338,820,000,000, with an accompanying GNI of $128,060. Qatar's GDP is still over three hundred thirty-eight billion US dollars greater than the GDP of Africa’s most prosperous nation.