Top 10 Poorest Economies of the World
Top 10 Poorest Economies by GDP for 2010:The GDP or the Gross Domestic Product is a measure of the country's economic performance. It is calculated as the total market value of all final goods and services produced in a particular economy in a given year.
The top 10 poorest economies of the world are distinguished by their lack of natural resources and relatively high levels of public debt. These countries are also provided with financial aid from organizations like the World Bank to deal with their financial crises. Below is the list of the top ten poorest economies for the year 2010:
|São Tomé and Príncipe||210|
|Democratic Republic of Timor-Leste||630|
|St. Kitts and Nevis||680|
|St. Vincent and the Grenadines||680|
|As on : 17th Nov, 2011
Source : World Economic Outlook Database-September 2011, IMF
Brief about the Economies:
- Tuvalu: The World Bank is set to provide Tuvalu a grant of 62 million US dollars. Farid Belhaj, the World Bank Country Director for the Pacific Islands, the financial aid is necessary as the Oceanian economy is facing several unique problems and this amount is essential for its fiscal sustenance.
- Kiribati: Kiribati does not have too many natural resources and is regarded as one of the lower rung nations, with regards to development, in the Pacific Islands region. At present the economy is highly dependent on fish and copra production for its exports.
- Sao Tome and Principe: The Sao Tome and Principe central bank has estimated that the national economy will grow by 5.5 percent in the upcoming fiscal. Mario do Carmo Silviera has stated that the economy has been boosted by projects for upgrading the airports and oil exploration with Nigeria.
- Tonga: Tonga Cable Ltd has recently inked a Landing Party Agreement with FINTEL, a regional provider of telecommunications services. The Kingdom of Tonga expects that this will help to improve the communications set up in the region in the foreseeable future.
- Dominica: The economy of Dominica is primarily agriculture based with a focus on cultivation of bananas. But tourism has taken the centre stage now with the government promoting the Caribbean nation as an ideal destination for ecotourism. The government is also aiming to come up with an offshore financial sector to diversify the economy.
- Samoa: Samoa has recently been granted admission to the World Trade Organization. According to the Deputy Prime Minister of Samoa, Fonotoe Lauofo, this is an important moment in the Oceanian country’s economic history and will play a crucial role in its development.
- Comoros: The major economic problem of this African nation is its inadequate transportation systems. Its population is also mainly young and always increasing and its natural resources are not really sufficient enough. The labor force of Comoros also does not have high levels of education.
- Timor-Leste: Timor-Leste has signed a protocol with Georgia. Apart from economic relations, this agreement will also deal with cultural and political ties between the two countries. Timor Leste was represented at the event by its Permanent Representative to the UN, Sofia Mesqita Borges.
- St. Kitts and Nevis: St. Kitts and Nevis has recently been unable to make a bond payment and this has subjected this Caribbean nation to much criticism from analysts. It already has one of the largest public debts, which is estimated at 200% of the country’s GDP.
- St. Vincent and the Grenadines: The economic performance of St. Vincent and the Grenadines depends on how well critical sectors such as agriculture, construction and tourism perform. Remittance inflows also play a major role in the economic sustenance of this Caribbean country.
Find the map for the top ten poorest economies here - Top Ten Poorest Economies Map