While Asia is home to some of the strongest economies in the world, such as China, there are also some weaker economies. For the purposes of this analysis, a country’s measure of wealth is calculated based on the nominal gross domestic product (GDP) per capita at purchasing power parity (PPP). The GDP per capita method based on the PPP is preferred because it provides a clearer picture of a nation by accounting for inflation and the cost of living. According to this measure, the poorest country in Asia is Afghanistan, followed by Yemen and Nepal. The war has claimed the lives of more than 150,000 people, shattered the economy and destroyed critical infrastructure.
Dependent territories (not sovereign states) are not ranked, and are also shown in italics. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
The 10 Largest Iron Ore Mines in the World
In 2021, Niger inaugurated a new president—ex-teacher and former interior minister Mohamed Bazoum—in its first democratic transfer of power. With the economy expanding by 12% in 2022, things appeared to be looking up. Yet, in the summer of 2023, Bazoum was ousted and imprisoned by members of his presidential guard.
With a GDP per capita of $19,370, Azerbaijan ranks among the poorest countries in Asia by GDP per capita. Lastly, Syria makes it on the list with a GNI per capita of $1,820, principally due to the catastrophic impacts of the ongoing civil war. Having just become independent from Indonesia in 2002, this half-island nation in the South Pacific (which could easily be considered part of Oceania rather than Asia) is still developing. While Timor-Leste (also called East Timor) exports substantial amounts of coffee, as well as marble, sandalwood, and a growing amount of oil and gas, many of its citizens still rely upon subsistence farming. A rudimentary legal system, low-but-improving adult literacy rate, and a particularly poor telecommunications infrastructure are often cited as additional impediments to economic growth.
What is the richest country in the world?
Luxembourg, with its high GDP per capita and strong financial sector, is the richest country in the world. The nation is known for using its wealth to ensure better living standards, healthcare, and education for its populace.
How Many Countries Are Recognized By The United States?
- However, there is a huge disparity between the poor and the rich, which has contributed to the low GDP per capita.
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- 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.
- Afghanistan is a country that has had a turbulent political period in the past, especially while it was under the Taliban regime between September 1996 and December 2001.
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- In China, increased spending on disaster reconstruction and resilience projects supported growth.
Pockets of anti-Taliban resistance remain in the country, and notably active and present is the local emanation of ISIS, ISIS – Khorasan, which acts in opposition to the ruling regime with terrorist and guerrilla actions. Purchasing Power Parity (PPP) is an economic theory that compares currency values based on a basket of goods, equalising their buying power and exchange rates between different countries. As we now know the per capita income of these companies, let’s explore the reasons that have led to these bottom ten economies being categorised as the world’s poorest. Uzbekistan claims the ninth spot with a GNI per capita of $1,670, reflecting its struggles with corruption, labor rights, and economic reforms. It faces similar challenges as its neighbor Tajikistan, further exacerbated by issues of corruption and governance. War, famine, and a severe economic blockade have decimated the economic fabric of Yemen, leaving it in a deplorable state.
Poverty Rate By Country
Despite abundant global wealth, some countries continue to suffer in extreme poverty. Going by GDP per capita country-wise, this article lists the poorest countries in the world in 2024. 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. North Korea may actually be the poorest country in Asia, but the nation’s notoriously secretive government rarely shares its data, so economists must rely upon expert estimates. Poverty in North Korea is attributed to poor governance by the totalitarian regime.
We have ranked the countries in descending order of their GDP per capita, as of 2024. The data for some countries was not available on the IMF, therefore, we sourced the GDP per capita for those countries from the World Bank database, which includes Afghanistan, Syria, and Sri Lanka. We have also highlighted the GDP (current prices) of the countries, wherever available, and the data is taken from the IMF database, as of 2024. This is a list of Asian countries by GDP per capita based on purchasing power parity.
Pakistan
The Fact Sheets summarize ADB’s partnerships with member economies, providing key facts and figures and an overview of activities and future directions. Luxembourg is the richest country in the world by GDP per capita ranking in 2024, with the highest GDP per capita PPP of $151,150.
Is East Asia poor?
The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world. Over the past two decades, most countries in the region have achieved strong and stable growth that has lifted hundreds of millions of people out of poverty and transformed economies across the region.
A former member of the Soviet Union, Uzbekistan is an up-and-coming producer of commodities including gold, copper, uranium, petroleum gas, cotton, and grapes. However, due to rampant bureaucratic corruption, the profits from these industries are largely going into the pockets of a small subset of citizens. This corruption, along with the income inequality it engenders, is considered by economists to be a major obstacle in the country’s journey out of poverty. The table towards the poorest country in asia bottom of this page shows a full ranking of Asian countries based on their economic health. Additionally, the list of the poorest countries in Africa can provide a comparative perspective.
- Laos has a GDP of $14.1 billion and ranks among the poorest countries in Asia by GDP per capita.
- To skip our detailed analysis, you can go directly to see the 5 Poorest Countries in Asia by GDP Per Capita.
- To be fair, the country was also faced with an unprecedented series of challenges.
- Furthermore, access to water and sanitation remains very low and less than 5% of the population has electricity.
- GDP per capita PPP is a helpful tool to pinpoint the poorest countries in the world.
- With 80 percent of its territory blanketed by the Sahara Desert and a growing population reliant on small-scale agriculture, desertification poses a significant threat.
Today, Malawi is grappling with an economic crisis that has led to fuel shortages, a surge in food prices, and a sharp devaluation of the currency. In 2023, according to the World Bank, over 70% of the population was estimated to be living below the international poverty line. It led to a complete state collapse, with a tremendous loss of human and physical capital.
And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day. Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap. The future is powered by artificial intelligence, and the time to invest is NOW. Myanmar averaged a 6% growth rate from 2011 to 2019, according to the World Bank. The Philippines is one of the largest economies in Asia with one of the lowest GDP per capita in the world. Bhutan is one of the poorest countries in Asia and has a GDP of around $2.86 billion.
What is the poorest country in Europe?
1. Ukraine. With a per capita GNI of $3,540, Ukraine is the poorest country in Europe as of 2020. Ukraine once had the second-largest economy in the USSR.