Top 10 Least Developed Economies of the World
Top 10 Least Developed Economies by HDI for 2011:
The HDI or the Human Development Index rankings are done on the basis of several factors, which include income, life expectancy, education level and living standards. The maximum possible HDI can be 1.00.
The list primarily features African economies, which points at the substantial untapped natural potential of this continent. Below is the list of the top ten least developed economies for the year 2011:
|Congo, Democratic Republic of the||0.286|
|Central African Republic||0.343|
|As on : 20th Nov, 2011
Source : United Nations, Human Development Report 2011
Brief about the Economies:
- Democratic Republic of Congo: Of late, the Democratic Republic of Congo economy has performed with some credibility. The CIA World Factbook states that despite the global financial conditions, its rate of economic growth has reached 7.2 percent in the 2010 fiscal.
- Niger: Nigerís economy is primarily dependent on subsistence crops along with livestock for sustenance. Recently, its economic growth has been hampered by problems like drought and desertification.
- Burundi: The economic outlook for Burundi is good in 2012 fiscal. The budgetary expenditure is expected to go up by 18%. Majority of the investment will be done in the agriculture, infrastructure and energy sectors. The economic growth rate for the upcoming fiscal is predicted to be 4.8%.
- Mozambique: It is expected that in the upcoming fiscal Mozambique economy will grow by 7.5% but the inflation rate will increase by 7.2% as well. The Bank of Mozambique has further stated that its gross foreign reserves will account for a substantial part of the overall goods and services imports.
- Chad: The Human Development Index of the United Nations has placed Chad at the 7th position in the list of poorest countries. 80% of the country is under the poverty line.
- Liberia: Liberia is regarded as one of the most economically backward countries in the world and its rate of formal employment is approximately 15%. During the 1980s, its economy was comparable to Egyptís but at present it has, as per estimates, the 3rd lowest nominal GDP per capita around the world.
- Burkina Faso: According to Standard & Poorís, Burkina Faso economy can still perform well with the right fiscal reform and consolidation policies. The institutional set-up in Burkina Faso is weak though, according to S&P, and economic development has been on the lower side of late.
- Sierra Leone: Judging by the 2011 budget, Sierra Leoneís economy can be regarded as one that is trying to find its feet. The government is presently looking to revive stopped projects like the Makeni Government Hospital, the Bonthe Jetty and Njala University.
- Central African Republic: Cultivation forms the basis of the Central African Republic economy. It also generates substantial revenues by selling food crops like cassava, millet, peanuts, sesame, maize, plantain and sorghum. Its yearly GDP growth rate is marginally more than 3%.
- Guinea: At present, the Guinea government is prioritizing areas such as defense and mining. The volume of the national armed forces is supposed to be brought down in 2012 and the mining contracts will be reviewed as well.