5 Poorest Countries in the World
We all know the world’s rich countries, but there are many developing nations that are still very poor. These countries face a variety of issues including poverty, war, corruption, and other economic challenges.
Poverty is not just about lack of income, but also about access to resources and basic services. It is a major challenge and should be tackled.
Burundi, a small, francophone central African country bordering Rwanda and Tanzania, has faced political upheavals, ethnic massacres and years of civil war since independence. A population of 12 million people is struggling with a lack of health services and access to education.
Economic growth has been slow because of a long history of conflict, which hinders agricultural production. Moreover, rising food prices (including a 28 percent increase in 2007-08) make it more difficult for poor families to meet their needs.
The state also regularly interferes with the economy by subsidizing fuel, rationing electricity and taking away private property. It has also failed to introduce economic reforms, which would improve the country’s competitiveness and promote sustainable development. In addition, corruption and misuse of public office persists with impunity.
Chad is one of the poorest countries in the world, despite possessing significant natural resources such as gold, uranium, and oil. Chad’s poverty is largely due to social and political instability, weak government institutions, and corruption.
The country is located in northern Africa, bordering the Sahel region. It is a landlocked nation with three climatic regions: the south is tropical and has wet and dry seasons; the central region is covered by sand; and the north has a desert climate, with no rain.
The economy is primarily based on oil production, and a large percentage of exports are from the oil industry. However, the country’s recent recession and COVID-19 pandemic have put a damper on economic growth. The government is implementing an emergency action plan to reverse the recession and to diversify the economy.
Mali is a country with a striking rural-urban socioeconomic divide. Extreme poverty is particularly prevalent in rural areas, where almost half of the population lives on less than $1.90 per day, while urban regions experience significantly higher income distribution.
Poverty also has a significant impact on health and nutrition, with nearly one million people afflicted by food shortages during the lean season in 2020. High unemployment exacerbates this situation.
Malians have long relied on mutual self-help networks and a vast network of civil society organizations, which often receive international funding. These institutions provide social protection services and act as a substitute for the state, especially in rural areas. This system mitigates the severity of poverty and inequality. However, its effectiveness has been weakened by political crisis and insecurity in the north and center of the country.
Liberia is a small country in West Africa that has faced many challenges over the years. These challenges include a civil war, economic recession, and corruption.
As one of the poorest countries in the world, Liberia is in need of assistance. It needs to increase access to education, healthcare, and other basic services in order to combat poverty.
The government also needs to promote job creation and economic growth. This can be done by investing in infrastructure and other resources.
Liberia has a number of natural resources, including iron ore, timber, diamonds, gold, and oil. However, the country is still very poor and a lack of investment has kept it from developing and utilizing these resources effectively. This has caused a number of problems, such as high unemployment and poverty rates.
5. Burkina Faso
Burkina Faso is a landlocked West African country, located south of the Sahara desert. It is known for its simple and hard-working national character.
The economy depends heavily on agriculture. Most people grow a variety of crops, including sorghum, pearl millet, corn, peanuts, rice and cotton.
But recurrent droughts and erratic weather can make growing a successful crop difficult, and poor harvests can devastate households’ food supplies.
In addition, poor education and low literacy rates are major obstacles to economic growth. IFAD works with the government to improve pro-poor investments and policies, fostering equitable access to public goods, services and natural resources. Developing institutional frameworks, promoting innovation and education, and strengthening decentralized governance are key to poverty alleviation in Burkina Faso.