According to Trading Economics global macro models and analysts, GDP in Sierra Leone is predicted to reach $3.91 billion by the end of 2021. According to our econometric models, Sierra Leone’s GDP will trend around 4.10 USD billion in 2022 and 4.30 USD billion in 2023 in the long run.
Is Sierra Leone a wealthy nation?
Sierra Leone remains one of the world’s poorest countries, with a Human Development Index score of 180th out of 187 countries in 2011. The economy has suffered greatly as a result of decades of economic deterioration and 11 years of military strife. Poverty is still widespread, with more than 56.8% of the population living on less than US$ 1.25 per day, and unemployment and illiteracy are also rampant, especially among the youth. Sierra Leone, on the other hand, has achieved significant progress since the civil war ended in 2002, establishing peace, democracy, and improving development indicators while experiencing rapid economic growth.
In 2021, which country will have the greatest GDP?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
What causes Sierra Leone’s poverty?
Sierra Leone, a West African country that gained independence in 1961, has had numerous conflicts and injustices, including a civil war that lasted from 1991 to 2002. Sierra Leone, as a result, has made little progress as a country, ranking 181 out of 189 on the 2019 Human Development Index. The country is still destitute. According to the United Nations Development Programme, nearly 60% of Sierra Leone’s population lives in poverty.
Factors Contributing to Poverty
Government corruption, a lack of a well-established education system, a lack of civil liberties, and poor infrastructure, according to experts, are four major reasons contributing to Sierra Leone’s extreme poverty. Poverty is difficult to overcome due to these characteristics. High transportation expenses are a barrier to trade and impede economic progress due to the lack of developed infrastructure like roads and energy.
Furthermore, due to a lack of funding for educational programs, Sierra Leone is falling behind in terms of learning about civil rights and duties. This adds to women’s marginalization and gender inequity. Gender inequality has a variety of consequences, including women’s incapacity to enter the workforce and a cultural conception of women as servants to males. Sierra Leone’s progress is hampered by these beliefs in a world that values education and women’s rights.
Reducing Poverty in Sierra Leone
Despite these persisting difficulties, Sierra Leone has made different measures to eliminate poverty. In Sierra Leone, the Free Healthcare Initiative (FHCI) began in 2010. This effort aims to lower infant mortality rates by providing basic healthcare to pregnant women, new mothers, and young children. Despite the fact that the FHCI is not a panacea for Sierra Leone’s poverty, it has resulted in some healthcare changes, including adequate remuneration for healthcare staff. In a news release issued in 2010, Robert B. Zoellick, the former president of The World Bank Group, stated his support for such efforts, arguing that addressing poverty in Sierra Leone will assist lead to peace.
The Work of Oxfam
Various US-based groups have also made attempts to alleviate poverty in Sierra Leone. Oxfam, which has its headquarters in Boston, is one such organization. This international organization works to help those who are victims of poverty-related injustices. Oxfam focuses on infrastructure-related issues in Sierra Leone, such as access to water, sanitation, and hygiene. Furthermore, through pushing for gender equality and food security, the organization holds the government and other influential figures in the country accountable. Oxfam also helps in times of crisis, such as during previous epidemics of cholera and Ebola in Sierra Leone.
One of Oxfam’s outstanding triumphs in Sierra Leone is the Tiger Worms Toilet Project. By addressing sewage concerns through improved sanitation methods, this effort helped to prevent infectious diseases. It also aided in the prevention of infections by educating Sierra Leoneans about their spread. These initiatives help Oxfam achieve its vision for Sierra Leone: “A just, inclusive, and resilient Sierra Leone free of poverty, where citizens, particularly women and youth, demand and obtain access to their rights and enjoy a life of dignity.”
Although poverty persists in this West African country, aid from groups located in the United States, such as Oxfam, represents a small step toward eradicating poverty in Sierra Leone.
What percentage of Sierra Leone’s population lives in poverty?
Sierra Leoneans make up about 60% of the population and live in poverty. Sierra Leone remains one of the world’s poorest countries, with a Human Development Index ranking of 180 out of 187 countries. More than 60% of Sierra Leoneans live on less than $1.25 per day.
Is Sierra Leone a wealthier country than Nigeria?
Nigeria ranked 32nd in the world with a GDP of $397.3 billion dollars, while Sierra Leone ranked 161st with $4.1 billion dollars. Nigeria and Sierra Leone were rated 132nd and 170th, respectively, in terms of GDP 5-year average growth and GDP per capita.
Who is Sierra Leone’s richest man?
Sierra Leone’s Wealthiest People Serge Dassault is a French actor. Alisher Usmanov’s full name is Alisher Usmanov. “We imagined we’d become the world’s wealthiest people,” recalls. Approximately $16 billion.
What is Sierra Leone’s most famous export?
Sierra Leone holds a unique place in the transatlantic slave trade’s history. Freetown, the country’s capital, was built in 1787 to house repatriated former slaves from London and the Americas. The city, which is located on a coastal peninsula, looks out over Sierra Leone Port, the world’s third largest natural harbor. The climate of the country is tropical and humid. Sierra Leone is the wettest country in West Africa, with annual rainfall ranging from 1,900 mm in the northwest to over 4,000 mm on the coast. It has a flat coastal zone with mangrove wetlands on either side. In the east, a wide plain stretches inland, transitioning into wooded hills and an interior plateau mixed with forested high mountains. The country’s vegetation is extremely diverse, consisting of a patchwork of forest, woodland, savannas, and agriculture. Sierra Leone’s economy is based on its abundant natural resources, but the country is still recovering from a civil war that ravaged the country’s infrastructure before finishing in the early 2000s. Agriculture employs two-thirds of the labor force and generates 66.8% of the country’s gross domestic product (GDP) (CIA, 2013). Sierra Leone has significant mineral resources, particularly iron ore, and has relied on mining as a source of income in recent years. Furthermore, the country is a big producer of titanium and bauxite, as well as a major producer of gold and a top 10 diamond producer.