Top 10 poorest countries in sub-Saharan Africa, ranked by GDP per capita, 2024

Introduction

If we can focus on the best economies of sub-Saharan Africa, it is not a crime if you are reading this article and listing the 10 Poorest Countries in Sub-Saharan Africa as identified by the International Monetary Fund (IMF) in its World Economic Outlook report. If you are from the countries mentioned on the list, you will understand why the economy in your country looks bad. If you don't see your country in the list and can't find the report, could you please write in the comment then we will help rank your country. It helps you learn the situation of your country.

What is GDP Per Capita?

First of all, you understand that this article is not the content of the report written, we refer to the report presented: The 10 Poorest Countries in Sub-Saharan Africa According to the Ranking by Gross Domestic Product Per Capita (GDP Per Capita). Before going further, let's understand the concept of the product in one person. Gross domestic product per capita is the sum of all value added by all producers in the economy plus product taxes (less subsidies), which do not include the cost of production, divided by the mid-year population.

Gross domestic product per capita is obtained by dividing GDP by a country's population. Critics say relying solely on GDP per capita as a measure of economic and social performance is limited and can lead to wrong decisions. It proposes the use of alternative measurements and indicators that include various factors affecting human health, such as the Human Development Index (HDI), Genuine Progress Indicator (GPI), Better Life Index (BLI), or the Sustainable Development Goals (SDGs). These alternative measures are intended to provide a more comprehensive assessment of success and sustainability rather than economic output per person. ETC.,

What is the Sub-Saharan region?

The International Monetary Fund divides countries by region: emerging economies, euro area, major developing economies (G7), emerging and developing economies, advanced and developing economies in Asia, marketing and developing economies in Europe, Latin America and Caribbean, Middle East, and Central Asia and finally sub-Saharan Africa. In this article, we focus only on sub-Saharan countries. Uganda, Cameroon, Zimbabwe, Senegal, Zambia, Guinea, Mozambique, Mali, Gabon, Botswana, Burkina Faso, Benin, Chad, Niger, Madagascar, Republic of Congo, Mauritius, Rwanda, Malawi, Namibia, Guinea, Togo, South Sudan, Swaziland, Liberia, Burundi, Sierra Leone, Central African Republic, Cape Verde, Gambia, Raiso Tome, Seychelles, Guinea-Bissau, Comoros, Sao Tome and Principe and As you can see from the table below, the country is divided here. is divided into regions. Financial sector;

Economic Outlook of Sub-Saharan Africa

Despite pessimistic forecasts, the global economy remains healthy; stable growth and inflation are almost at the same pace as the rise. This journey had consequences such as the post-pandemic impact, the energy and food crisis caused by Russia's war in Ukraine, the increase in inflation, and the subsequent tight international coordination of monetary policy. After two years of slow growth, the outlook for the region is slightly better; Growth is expected to increase from 3.4% in 2023 to 3.8% in 2024. The Sub-Saharan African region is expected to grow faster, with an average growth of 0.6 percent compared to 2023. point. Economic growth in 2024 The difference between national groups is significant, the growth of this group is expected to increase by 1.5 percent (3.1%), mainly due to the recovery of oil-exporting countries (except Nigeria). Meanwhile, the growth of different sectors receiving high growth support is expected to remain unchanged.

List of the 10 poorest countries in sub-Saharan Africa, ranked by GDP per capita, according to the International Monetary Fund. The largest measure of GDP per capita is the product divided by the approximate country's population, measured in US dollars. ($).

Table 1: The 10 Poorest countries in sub-Saharan Africa, ranked by GDP Per Capita

RANK COUNTRIES GDP (Billions $) Population(M) GDP Per Capita ($)

1. Burundi 4.216 12.976 324.904
2. Sierra Leone 3.906 8.48 460.598
3. South Sudan 7.925 15.013 485.913
4. Central African Republic 2.632 5.119 514.097
5. Madagascar 15.752 29.766 529.224
6. Malawi 13.127 22.729 577.538
7. Niger 16.528 27.066 610.635
8. Mozambique 21.353 33.897 629.921
9. DRC 67.268 99.948 673.033
10. Liberia 4.39 6.845 808.229
    

The ranking of the ten poorest countries in Sub-Saharan Africa based on GDP per capita underscores significant economic challenges faced by these nations. These countries, including Burundi, South Sudan, Malawi, Central African Republic, Niger, Mozambique, Liberia, Democratic Republic of the Congo (DRC), Madagascar, and Liberia, have relatively low levels of economic output per person compared to other regions globally.

This ranking highlights the urgent need for focused efforts to address poverty, promote economic development, and improve living standards in these countries. Key areas for intervention may include investment in infrastructure, education, healthcare, agriculture, and small-scale enterprises, as well as initiatives aimed at enhancing governance, reducing corruption, and fostering inclusive economic growth.

It's important to note that GDP per capita is just one metric and does not capture the full spectrum of development challenges and opportunities in these nations. Factors such as income inequality, access to basic services, social stability, and environmental sustainability also play critical roles in shaping overall well-being and progress.

Therefore, while GDP per capita provides a useful snapshot of economic conditions, comprehensive and multi-dimensional approaches are needed to address poverty and drive sustainable development in these countries. Collaboration between governments, international organizations, non-governmental organizations (NGOs), and the private sector is essential to achieve meaningful and lasting improvements in the lives of people in Sub-Saharan Africa's poorest nations.

Author: Donald Masimbi