Poorest Country in the World
There are many countries in the world, but not all countries have economic and social development. Many countries are ahead of development or technically or economically, and there are many other countries where people are not getting enough food. So here we are going to talk about the poor countries of the world where people have to face difficulties and the government does not have enough money to provide facilities to all people.
Malawi is the poorest country in the world. The GDP here is just $ 226.50, while India’s GDP is $ 1942, so you can imagine how far behind this country is. Despite the efforts to improve the land tenure system here, customary rules are still prevalent and more than half of the land is not arable land and there is a shortage of resources.
The judicial system is independent but incompetent. In the last three years, government expenditure was 31.7 percent of the gross domestic product, and the budget deficit was 5.7 percent of the gross domestic product. Public debt equals 83.4 percent of GDP. For this reason Malawi has been ranked first in the world’s poorest country.
Burundi’s name comes second in the category of poor countries. Agriculture is dominated by subsistence in the economy, and half of the population lives below the poverty line. The judiciary is nominally independent and the judges are under political pressure. Along with counting in the world’s poorest countries, Burundi is one of the most corrupt countries in Africa.
The top personal income and corporate tax rate are 35 percent and the overall tax burden is 12.9 percent of the total household income. In the last three years, the government expenditure was 31.9 percent of the gross domestic product, and the budget deficit was 4.1 percent of the gross domestic product. Public debt equals 38.4 percent of GDP. The overall business environment is severely constrained by heavy rules and incompetence.
3. Central African Republic
This country comes third in the poor countries of the world. Here the protection of property rights is weak. Several reports of armed fighters are entering houses without judicial authority, seizing property without proper procedure. The new government is struggling to provide basic security and services. Ordinary citizens have got very limited access to justice and corruption is widespread.
The top personal income tax rate is 50 percent, and the top corporate tax rate is 30 percent. The overall tax burden is 4.4 percent of the total household income. In the last three years, government expenditure was 14 percent of the gross domestic product, and the budget deficit was an average of 2.2 percent of the gross domestic product. Public debt around 65.0 percent of GDP.
Niger is the fourth person in the category of poor countries. State-owned enterprises have spoiled the economy. Despite some progress, financing options are limited to starting a private business. The total bank loan in the private sector is low. Property disputes are especially common in rural areas. Political pressure and weak law system reflect ineffective judicial framework. The rate of illiteracy in Niger is quite high, many of which are semi-nomadic.
The top personal income tax rate is 35 percent, and the top corporate tax rate is 30 percent. Other taxes include tax on interest and capital gains tax. The overall tax burden is equal to 15.5 percent of the total household income. The government’s expenditure has been 29.8 percent of the total production (GDP) in the last three years, and the budget deficit has been 6.0 percent of GDP. Public debt equals 43.5 percent of GDP.
Liberia is at number five in the world’s poorest countries. Despite some legislative efforts to modernize the regulatory framework, the inability of bureaucracy in private investment and production has been hampered greatly. If the labor market is not fully developed, a large number of employees are active in the informal sector.
The rights to property are not strongly protected, and the rule of law remains unequal throughout the country, which is due to an uncertain physical security environment. The judiciary is weak and inadequately anticipated. Overall, the poor performance of the government shows the lack of local corruption and administrative ability.
The top personal income of Liberia and corporate tax rates are 25 percent. The overall tax burden is equal to 19.7 percent of the total household income. In government spending, 36.5 percent of the total production (GDP) in the last three years and the budget deficit has been average of 6.2 percent of GDP. Public debt is equivalent to 40.0 percent of GDP.
The purpose of our article is not to hurt anyone’s feelings. This article is based on GDP, through which we want to provide information about countries with weak GDP.