Nigeria has been ranked as 20th poorest country in the world.
Countries’ economies are ranked based on their Gross Domestic Product (GDP) per capital and how it affects the economic stability of an average person staying in those nations.
This is why the state of a country’s GDP can reflect if the country is wealthy or poor.
According to Focus Economies, most of the top 10 worst economies in the world are on the African continent with the Democratic Republic of Congo taking the lead with a poor GDP per capita of $439 despite the fact that the country has abundant natural resources.
Mozambique follows at second position with $429 GDP per capital, Uganda and Tajikistan take third and fourth positions with $726 and $777 respectively. 5. Yemen Yemen is at the fifth position with $762 GDP as at 2017 and a projected $1079 GDP for 2023.
Yemen’s economy has been affected by incessant civil war and humanitarian crisis. 6. Haiti Haiti is on the sixth position with $776 GDP being a country that has been extremely vulnerable to extreme weather and natural disaster as World Bank says the 90% of the country’s population is at risk. 7. Ethiopia
Ethiopia ranks seventh with a 2016 GDP of $884.
The country is has been really economically challenged because it is landlocked and its neighbor, Djibouti, acts as the main port.
However, the country is ranked as the fast growing economy in Africa. 8. Tanzania Tanzania has a 2017 GDP of $1037 with a projected $1502 GDP by 2023 with a projected $1502.
Tanzania’s economy has been on a steady growth as the poverty rate has been falling according to World Bank. 9. Kyrgyzstan Kyrgyzstan is ninth with $1203.
The Kyrgyz economy is at the mercy of external influence due to its over-reliance on gold export.
- Uzbekistan Uzbekistan is 10th on the ranking with a projected GDP of $2351 by 2023 and $1514 2017 GDP as the country’s economy growth was fast between 2004 and 2016.
Nigeria ranks 20th among other economies of the world with $2318 projected GDP for 2019.