Myanmar, formerly known as Burma, is a country in Southeast Asia known for its golden pagodas, ancient cities, and diverse landscapes. From the temples of Bagan to the beaches of Ngapali, Myanmar is a land of contrasts. Nestled amidst the mighty Himalayas, Nepal is a land of stunning landscapes and rich traditions.
In addition, the Ebola epidemic in 2014 further hit the economy by decreasing employment and trade. The conflict in Ukraine skyrocketed import prices, hit purchasing power, and spurred violent protests against the government. However, years of political instability, rising inflation, and a poor business environment deem the country unreliable to investors and consumers.
A developing country, it has a low-performing economy, one that is mostly dependent upon agriculture. The local currency has also continued to depreciate, which has led to rampant inflation. Since the onset, many have lived in extreme poverty, with minimal access to health, education, shelter, water, and livelihood opportunities. To make matters worse, the COVID-19 pandemic has also exacerbated the already vulnerable healthcare system. Nepal is a mountainous country that lies in the Himalayas, to the south of China and north of India.
- Out of seven continents, Asia is the biggest in the world, occupying more than 17.2 million sq mi, which is approximately 30% of the world’s total land area.
- According to a comprehensive analysis by the World Economic Forum, while some nations bask in the glory of prosperity, others strive for growth amidst challenges.
- The annual World Nomad Games showcases this rich heritage, attracting participants and tourists from around the globe.
India has a diverse economy that relies 61.4% on services, 23% on industry, and 15.4% on agriculture. Of the total population of 1,339,330,514, approximately 21.9% are below the poverty line. Out of 20,384,316 residents, approximately half of the population are unemployed and 82.5% are below the poverty line.
The Poorest Countries In South America
While Israel is a beacon of modernity, it also holds onto its rich cultural and religious heritage. The juxtaposition of ancient landmarks with state-of-the-art tech hubs makes Israel a unique and fascinating destination. Bahrain, an archipelago in the Persian Gulf, has a history that dates back thousands of years. Known historically for its pearl fisheries, Bahrain has successfully transitioned into a modern economy centered around banking, finance, and tourism. Unlike its flashier counterparts, Brunei opts for a more subdued display of its wealth. The country focuses on providing a high standard of living for its citizens, with free healthcare, education, and no taxes.
The country as a whole also has weak financial resources, which prevent it from sustaining economic growth. In fact, very few people have access to banks, which makes it impossible to save or invest. Not only are unemployment rates going up, but revenue from oil and gas- which is the country’s main source of income- is also dwindling. According to UNICEF, the under-five mortality rate is 50.5 per 1,000 live births.
Poorest Country in Asia
The Democratic Republic of the Congo is home to over 80 million hectares of arable land, thousands of minerals, and valuable metals. It is also the world’s largest producer of cobalt and Africa’s leading source of copper, with the potential to drive the economy of the whole continent. The country emerged independent from Belgium in 1960 only to go through decades of political instability and endemic corruption. Residents manage to complete 4.3 years of schooling amidst lives disrupted by violence and sectarian fighting since 2013.
Despite having been promoted recently to the developing country status, however, it remains one of the poorest nations in Asia, with a slow-growing economy. In fact, it’s per capita income has been dropping rapidly, compared to its peers. Afghanistan, a landlocked country in South Asia, has faced decades of war and political upheaval.
Still, according to the IMF and its sister institution, the World Bank, the medium-term economic outlook for Mozambique is positive, with growth expected to accelerate to 5% this year and 8% the next. The world has enough wealth and resources to ensure that the entire human race enjoys a decent standard of living. Yet people countries like Burundi, South Sudan and the Central African Republic continue to live in desperate poverty. Cambodia, known officially as the Kingdom of Cambodia, is located in Southeast Asia on the southern Indochinese Peninsula. Despite having a lower per capita income compared to its neighboring nations, which categorizes it as a poor Asian country, Cambodia boasts one of the most rapidly growing economies in Asia. East Timor, officially known as Timor-Leste, is a Southeast Asian country with a semi-presidential system of government.
How does tourism impact the economies of Asian countries?
This list uses data from the International Monetary Fund (IMF) to discuss the 15 countries with the lowest GDP per capita. Tiny landlocked Burundi lacks natural resources and has been scarred by a 12-year civil war, contributing to its ranking of second-poorest country in the world. With about 80% of Burundi’s roughly 13 million citizens relying on subsistence agriculture, food insecurity is almost twice as high as the average for sub-Saharan African countries. Furthermore, access to water and sanitation remains very low and less than 5% of the population has electricity.
From the Gobi Desert to the modern streets of Ulaanbaatar, Mongolia offers a unique blend of ancient nomadic traditions and modern development. From the cliffside Tiger’s Nest Monastery to the bustling streets of Thimphu, Bhutan offers a unique blend of ancient traditions and modern development. According to case study of Oxford University Press – The term “Gross National Happiness” or GNH emerged in the 1970s, when journalists asked Bhutan’s Fourth King about his country’s gross national product.
From the bustling streets of Kathmandu to the serene trails of the Annapurna range, Nepal is a blend of the ancient and the modern. Afghanistan’s rugged landscapes are a testament to its people’s resilience and determination. With the right support and opportunities, Afghanistan can chart a new path towards prosperity.
Timor-Leste – GDP: $1381.20
It is situated in Southern Asia, with Pakistan and Iran as neighboring countries. In this article, we measured by gathering the data for https://1investing.in/ GDP per capita per country. Based on recent data, the country with the highest GDP per capita is Qatar, with a GDP of Int$ 97,262.
Top 13 poorest countries in Asia (by 2020 GNI per capita, Atlas Method)
DR Congo’s median age is 17, with 64% of the 90 million population surviving on less than two dollars per day. For example, the need for irrigation water has increased over the past several years due to rising temperatures. To make matters worse, housing prices have surged over recent years, which means many are unable to afford a house.
Climate change and crop failure-induced food insecurity is almost twice the average of other sub-Saharan nations. Although the US and EU lifted imposed financial sanctions following the political crisis in 2015 with some aid restored, the pandemic and war in Ukraine exacerbate the country’s challenges. Malnutrition, disease, and child mortality rates are also high, partly due to limited medical services and high food prices. The country itself has also been the victim of several natural disasters, including earthquakes, which have crippled the country’s already struggling economy.
Global Gross National Income (GNI)
These jobs are concentrated among lower-skilled and informal workers who are may struggle to adjust to job or income losses. While the energy transition can help create new jobs, it could also leave some workers stranded in declining industries. Improvements in energy efficiency could accelerate progress toward both economic and environmental goals in South Asia. The region uses twice as much energy as the global average to produce each unit of output.
One of the main reasons why the country is dealing with economic decline is the ongoing civil war and slow oil industry. Some of the agricultural products it produces are vegetables, rice, coffee, and fruits. Nevertheless, the country’s economy continues to improve with its current economic industries including natural resource exports, mining, and agriculture. The majority of the labor force is in agriculture – about 42.3% of the workforce. The economy remains one of the poorest in Asia due to political conflicts and a weak business climate for foreign investors. The population below the poverty line is approximately 16% of the total population.