In the intricate web of global economies, numbers speak volumes, and the Gross Domestic Product (GDP) stands as the definitive metric to gauge a nation’s economic might.
United States of America, China, Japan, Germany, and India are the largest economies in the world in 2023, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation’s economy.
The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports but not much is talked about the The top 10 poorest countries in the world by GDP per capita.
Here are the top 10 poorest countries in the world?
- Burundi – $308
- Sierra Leone – $472
- Malawi – $483
- The Central African Republic – $516
- Madagascar – $540
- Somalia – $562
- South Sudan – $570
- Niger – $574
- Mozambique – $579
- Eritrea – $700
Frequently Asked Questions
1. How is Gross Domestic Product (GDP) computed?GDP is determined by summing up consumption (expenditure by consumers), government expenditure, investment (expenditure by businesses), and net exports (the difference between exports and imports).