According to IMF forecasts for 2021, Luxembourg has the greatest Gross Domestic Product (GDP) per capita at $131,781.72, while Burundi has the lowest at $265.18.
Which country is the poorest in the world?
Burundi, a small landlocked country ravaged by Hutu-Tutsi ethnic conflict and civil violence, has the terrible distinction of being the poorest country on the planet. Food scarcity is a serious concern, with almost 90 percent of its approximately 12 million residents reliant on subsistence agriculture (with the overwhelming majority of them surviving on $1.25 a day or less), and food insecurity is about twice as high as the norm for Sub-Saharan African countries. Furthermore, access to water and sanitation is still limited, and only about 5% of the population has access to electricity. Needless to say, the epidemic has worsened all of these issues.
How did things get to this point, despite the fact that the civil war officially ended 15 years ago? Infrastructure deficiencies, widespread corruption, and security concerns are all common causes of extreme poverty. In 2005, Pierre Nkurunziza, a charismatic former Hutu rebel who became president, was able to unite the country behind him and begin the process of reconstructing the economy. However, in 2015, his announcement that he would run for a third termwhich the opposition claimed was illegal under the constitutionreignited old feuds. Hundreds of people were killed in fighting, and tens of thousands were internally or externally displaced as a result of the failed coup attempt.
Nkurunziza died in the summer of 2020, at the age of 55, from cardiac arrest, while it is widely assumed that Covid-19 was the true reason. Days later, Evariste Ndayishimiye, an ex-general designated by Nkurunziza to succeed him when his term expired, was sworn in. His track record has been mixed so far. While he, like his predecessor, minimized the virus’s severity, and claims of human rights violations continue to emerge from the country, he made an effort to relaunch the economy and mend diplomatic relations with his African neighbors, particularly the West. His efforts were rewarded: the United States and the European Union recently withdrew financial restrictions imposed in the aftermath of the 2015 political turmoil, resuming aid to Burundi. Could this be a watershed moment for the world’s poorest country?
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation strategy of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
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Is Cuba a developing country in 2020?
Cuba, the largest island in the West Indies, has been the subject of much scrutiny due to its violent political history. A number of circumstances have conspired to make the island nation one of the poorest in the world, with a large percentage of the inhabitants living in poverty. This figure corresponds to Cuba’s poor reputation for struggling to meet basic needs such as housing, healthcare, and other requirements. Here are the top five facts about how many individuals in Cuba have learned to live in poverty.
1. Agriculture and Climate: The production of specialized crops such as sugarcane, one of the principal export items used in trade, has accounted for a large portion of Cuba’s economy. Furthermore, much of the industrial work involved in processing many of these commodities for commercial use, such as turning sugarcane into sugar crystals, is considerable. Agriculture and industrial production of these items together account for roughly 30% of Cuba’s GDP. Unfortunately, Cuba’s capacity to make significant infrastructure advancements and preserve economic stability is constrained by its reliance on agriculture. The problem is exacerbated by the tropical environment and the frequent occurrence of hurricanes during the rainy season, which can bring significant destruction, suffering, and death. When Hurricane Irma hit in 2017, the damage was more than 13.6 billion pesos (about $628 million). Over 7,400 acres of plantation farms were devastated, resulting in a temporary food scarcity and a worsening of poverty in Cuba.
2. The US Embargo: Following Fidel Castro’s ascension to power in 1961, the US imposed an embargo on Cuba, depriving Cuban exporters of a considerable portion of their exports. The embargo has remained in place since then, restricting trade and access to American goods. As a result, many people are unable to obtain basic essentials such as electronics and food. Sanctions against other countries that trade with Cuba are included in the embargo. The embargo’s economic constraints have severe implications for Cubans living in poverty, as they lack daily resources. Although there appears to be no immediate plans to lift the embargo, a rise in tourism (particularly from Americans) could be the first step toward improving relations between the two countries.
3. Jobs and Employment: Compared to other countries of similar economic standing, Cuba has an extremely low unemployment rate of 1.7 percent. However, a large number of working families in Cuba are at risk of falling into poverty, with a 41.7 percent possibility of experiencing financial difficulties. These individuals work for salaries that are lower than the national average. Given that the average family size is around three persons, this translates to approximately four million people living in low-income homes. Furthermore, due to the rapid rise of an elderly population, Cuba’s workforce is further destabilized. Due to these demographic imbalances, almost 20% of the Cuban population is above the age of 60, implying that fertility rates are low. Finding work might be tough for the average Cuban family living in poverty. On the plus side, organisations like the Caribbean Movement Trust can help such families become more self-sufficient and retain a consistent income by providing education, training, and healthcare.
4. Housing and Energy: The Cuban government tightly monitors real estate and homeownership transactions and logistics. It is extremely difficult to relocate since the government has established a system of forced home exchanges in which homeownership is often viewed as a form of common ownership that is governed by the state. The situation is even worse for Cubans living in poverty, who cannot afford constant change and are frequently without access to clean water, gas, or power. International charities such as the Nextenergy Foundation, on the other hand, are aiming to provide sustainable energy to help poor people in many nations, including Cuba.
5. Healthcare and Education: Despite their numerous challenges, Cubans have access to free health care and education at all levels. To encourage healthy living, the government has mandated that physical education and sports be integrated into Cuban school. Primary education for children aged six to eleven is compulsory in Cuba, including for those who live in poverty. As a result, the Cuban populace is literate to a large extent. Furthermore, women have equal access to education and account for more than half of all university graduates.
Many Cubans are poor due to the country’s nature, trade restrictions, and overall lack of basic requirements. Many organizations, thankfully, are attempting to raise awareness and contribute money and supplies to Cubans. It is feasible to accelerate the development process in order to assist this country in need of assistance over time and through the efforts of many people.
What is the world’s most dangerous country?
Afghanistan is the world’s most dangerous country, with a score of 3.631. From 2020 to 2021, Afghanistan remained in this position. Furthermore, Afghanistan has the largest number of conflict and terrorism-related deaths of any country on the planet. Yemen has dropped many spots to become the world’s second-most hazardous country. According to the United Nations, Yemen faces the world’s worst humanitarian crisis, with 4.3 million people forced to flee their homes and 14 million people at risk of famine and disease outbreaks after five years of conflict. Approximately 80% of Yemen’s population (24 million people) is in severe need of humanitarian aid.
Syria is the third most hazardous country on the planet. Syria’s civil war has been raging since March 2011, and it is the world’s second-deadliest conflict of the twenty-first century. As of March 2019, 5.7 million people had fled Syria, with more than 6 million internally displaced. With a score of 3.363, South Sudan comes in second. There is persistent violence, civil instability, and widespread violent crime in South Sudan, including robberies, assaults, carjackings, and kidnappings. Outside of the country’s capital, Juba, armed warfare primarily persists between the government and rebel organizations, with little to no rule of law or order.
Iraq has risen two places in the list of the world’s most hazardous countries, from third to fifth. Iraq is still beset by internal and external problems, including the threat of terrorist strikes. ISIS continues to kidnap and kill Iraqi civilians and military personnel. Other human rights breaches have persisted, such as violations of freedom of assembly and women’s rights. U.S. citizens visiting Iraq are particularly vulnerable to violence and kidnapping, and are frequently targeted by anti-US sectarian groups across the country.
Somalia, the Democratic Republic of the Congo, Libya, the Central African Republic, Russia, Sudan, Venezuela, and North Korea are the other countries with a “very low” status of peace. Aside from the world’s most dangerous countries, several countries are particularly harmful for women. If you’re looking for a new place to visit, consider the world’s safest countries.
What country will you be in 2021?
The Pacific island nation of Samoa and parts of Kiribati were among the first locations in the globe to greet the year 2021, leaving behind a year highlighted by the COVID-19 pandemic and its social impact. All time zones require 26 hours to reach the new year.
What country owes the most money?
What countries have the world’s largest debt? The top 10 countries with the largest national debt are listed below:
With a population of 127,185,332, Japan holds the world’s biggest national debt, accounting for 234.18 percent of GDP, followed by Greece (181.78 percent). The national debt of Japan is presently $1,028 trillion ($9.087 trillion USD). After Japan’s stock market plummeted, the government bailed out banks and insurance businesses by providing low-interest loans. After a period of time, banking institutions had to be consolidated and nationalized, and other fiscal stimulus measures were implemented to help the faltering economy get back on track. Unfortunately, these initiatives resulted in a massive increase in Japan’s debt.
The national debt of China now stands at 54.44 percent of GDP, up from 41.54 percent in 2014. China’s national debt currently stands at more than 38 trillion yuan ($5 trillion USD). According to a 2015 assessment by the International Monetary Fund, China’s debt is comparatively modest, and many economists have rejected concerns about the debt’s size, both overall and in relation to China’s GDP. With a population of 1,415,045,928 people, China currently possesses the world’s greatest economy and population.
At 19.48 percent of GDP, Russia has one of the lowest debt ratios in the world. Russia is the world’s tenth least indebted country. The overall debt of Russia is currently about 14 billion y ($216 billion USD). The majority of Russia’s external debt is held by private companies.
The national debt of Canada is currently 83.81 percent of GDP. The national debt of Canada is presently over $1.2 trillion CAD ($925 billion USD). Following the 1990s, Canada’s debt decreased gradually until 2010, when it began to rise again.
Germany’s debt to GDP ratio is at 59.81 percent. The entire debt of Germany is estimated to be around 2.291 trillion ($2.527 trillion USD). Germany has the largest economy in Europe.