Top 10 poorest countries in the world in 2024: African countries have the lowest GDP per capita

Notably, the advanced economies are seeing a slight acceleration, in contrast to emerging markets and developing economies, which will experience a modest slowdown, decreasing from 4.3% in 2023 to 4.2% in both 2024 and 2025.

As we are near the end of 2024, with a few months left, the International Monetary Fund (IMF) has released its latest projections, ranking nations based on purchasing power parity (PPP) per capita.

It’s noteworthy to mention that Europe and Asia dominate the rankings of the world’s wealthiest countries based on GDP per capita, with Luxembourg leading as the richest nation, boasting a GDP per capita of $143,742, according to the IMF.

Despite abundant global wealth, African countries continue to face extreme poverty.

The IMF predicts a gradual and pricey recovery for sub-Saharan African economies, with slight growth projected to rise from 3.4% in 2023 to 3.8% in 2024 and 4.0% in 2025.

However, not every aspect is positive, and risks to the outlook remain skewed to the downside, including funding squeezes, high borrowing costs, and impending debt repayments.

Top 10 Poorest Countries Worldwide by GDP per capita in 2024:

Notably, countries in sub-Saharan Africa encounter significant challenges that hinder their economic growth. (AP)

South Sudan, the world’s youngest country, attained independence in 2011 and confronts enormous economic issues, political instability, recurrent wars, and poor infrastructure to impede its growth.

The majority reliant on traditional agriculture, warfare, and harsh weather occurrences that frequently disrupt crops and prolong poverty in this landlocked country of over 11 million people, makes it the world’s poorest country in 2024.

These smaller and less powerful nations struggle with limited resources, underdeveloped financial sectors, and unfavourable tax regimes, all of which deter foreign investment and stifle economic development.

The same applies to even larger African nations like the Democratic Republic of the Congo and Mozambique, which grapple with poverty due to internal conflicts, political instability, and inadequate infrastructure, hindering their economic progress.

Here are the world’s poorest countries in 2024, based on GDP per capita: