​10 poorest nations in the world; find out which countries are included in the list

Many countries are grappling with severe poverty, showcasing the economic challenges they face. From the world's youngest country to a nation with strong ties to India, these countries struggle with issues such as political instability, rapid population growth, and reliance on agriculture.
Forbes recently published a list of the world's ten poorest countries based on GDP per capita. This ranking brings to light the nations struggling with severe poverty. In this list eight of them are located in Africa. Notably, despite their economic struggles, Pakistan and Bangladesh do not appear on the list. This list brings to you the economic conditions of these ten countries, shedding light on the challenges they face.

GDP, or Gross Domestic Product, calculates the annual output of goods and services by a country. To determine the wealth or poverty of a country, GDP is simply divided by the population, which gives us GDP per capita. However, GDP per capita is not sufficient because it fails to consider cost of living and the rate of inflation, which can differ considerably. This is where Purchasing Power Parity (PPP) enters the picture. PPP is adjusted for domestic costs and inflation, giving a better picture of standards of living. There are nations whose GDPs might be artificially high because they are tax havens, and so GDP per capita PPP becomes an important tool to rank the poorest countries.

Madagascar, a strategic Indian Ocean island nation and India's important ally, is the world's 10th poorest nation. Its economy, which is heavily dependent on tourism and mining, is struggling despite its abundance of natural resources. With a GDP of $18.1 billion and a population of 30.3 million, its economy is weak. Madagascar was a French colony that became independent in 1960. Its economic woes are compounded by its susceptibility to natural disasters like cyclones and droughts.

Yemen, a close friend to Iran, is the world's ninth poorest nation, with a GDP of $16.22 billion and an estimated population of 34.4 million. Decades of civil war and political upheaval have devastated its economy, bringing widespread destruction. The war has internally displaced millions, destroyed infrastructure, and immensely interrupted agriculture, resulting in deficits of basic resources such as food, water, and medicine. As a result, millions depend on humanitarian aid from organizations such as the United Nations for survival.

Liberia, a West African nation with a population of 5,492,486, ranks as the world's eighth poorest country, with a total GDP of just $5.05 billion. Experts cast the reasons forits persistent poverty to violent conflicts, including a brutal civil war, as well as outbreaks like Ebola.

The Democratic Republic of the Congo which is also Sub-Saharan Africa's largest country, and the seventh poorest nation in the world. The country, with a population of 104,354,615 and a total GDP of $79.24 billion, is in the midst of a critical economic crisis, even though it is endowed with cobalt and copper. Almost 62 percent of its population lives on less than ₹180 per day, far less than the poverty line in the world.

Somalia, which is among Africa's most violence-torn countries and notorious for piracy, is the world's sixth poorest nation. With a GDP of $13.89 billion and a population of 19,009,151, Somalia has been hit hard by a long civil war, leading to state failure, economic decline, and vast human misery.

Mozambique is a sparsely populated nation in East Africa and it ranks as the world's fifth poorest country. Despite its wealth of natural resources, the country has been severely impacted by terrorism, gang violence, natural disasters, disease, rapid population growth, low agricultural productivity, and economic inequality. As a former Portuguese colony, Mozambique has a GDP of $24.55 billion and a population of 34,497,736.

Malawi is a southeastern African nation which is popularly known for its stunning landscapes, ranks as the world's fourth poorest country. With a GDP of $10.78 billion and a population of 21,390,465, its heavy dependence on rain-fed agriculture makes it highly reliant to climate change and market fluctuations which are some of the major reasons contributing significantly to its poverty.

The Central African Republic, with a total GDP of $3.03 billion and a population of 5,849,358, ranks as the third poorest country in the world. Despite its abundant reserves of gold, oil, uranium, and diamonds, ongoing political instability and armed conflict have left the country in a state of crisis. 80 percent of its population lives below the poverty line.

Burundi is a small landlocked country in East Africa and is ranked as the world's second poorest nation. With a total GDP of $2.15 billion and a population of 13,459,236, the country's fast-growing population and reliance on agriculture are major reasons for its economic hardships.

South Sudan, which is also the world's youngest country, holds the unfortunate title of having the lowest GDP per capita. Gaining independence in 2011, this small East African nation has a total GDP of $29.99 billion, supporting a population of 11.1 million people. Political instability and ongoing conflicts contribute significantly to its economic struggles.