According to Trading Economics global macro models and analysts, Venezuela’s GDP per capita is anticipated to reach 10000.00 USD by the end of 2020. According to our econometric models, Venezuela’s GDP per capita is expected to trend at 9500.00 USD in 2021 and 9000.00 USD in 2022.
What is Venezuela’s GDP per capita in 2019?
Venezuela’s estimated gross domestic product (GDP) per capita fell to 2,299 dollars in 2019 from 3,404 dollars the previous year.
What is a GDP per capita?
Gross domestic product divided by midyear population equals GDP per capita. Gross domestic product (GDP) at purchaser’s prices is the sum of gross value contributed by all resident producers in the economy, plus any product taxes, minus any subsidies not included in the product value.
What is Venezuela’s 2017 GDP per capita?
- In December 2017, Venezuela’s GDP per capita reached 684,960.377 USD, up from 101,700.215 USD in December 2016.
- Venezuela GDP Per Capita data is updated on a yearly basis and ranges from December 1960 to December 2017, with an average of $3,262.854 USD.
- The statistics peaked at 684,960.377 USD in December 2017 and peaked at 864.471 in December 1964.
- From annual nominal GDP and annual population, CEIC calculates GDP per capita and converts it to USD. Venezuela’s Central Bank publishes nominal GDP in local currency. Mid-Year Population is provided by the International Monetary Fund. For currency conversions, the Federal Reserve Board’s average market exchange rate is utilized. Prior to 1997, the World Bank provided GDP per capita data.
Venezuela has what kind of economy?
Venezuela is a South American country with coastlines on the Caribbean Sea and the Atlantic Ocean. Venezuela is strategically located on important water routes that connect North and South America. Brazil, Colombia, and Guyana are all close neighbors. Venezuela’s landscape is diverse, with the Andes Mountains in the northwest and the Guiana Highlands in the southeast. Venezuela’s government is a federal republic, with the president as the head of state and government. Venezuela has a primarily command economy, which means that the central government controls the production and distribution of products. Venezuela is a member of the South American Common Market (Mercosur).
What is Venezuela’s main source of revenue?
Overview According to the Economic Complexity Index, Venezuela was the world’s number 0 economy in terms of GDP (current US$), number 118 in total exports, number 122 in total imports, number 0 in terms of GDP per capita (current US$), and the number 105 most complicated economy in 2020. (ECI).
Exports Crude Petroleum ($2.62 billion), Iron Reductions ($276 million), Acyclic Alcohols ($208 million), Refined Petroleum ($181 million), and Crustaceans ($136 million) are Venezuela’s top exports, with most of it going to India ($2.03 billion), China ($464 million), Malaysia ($387 million), Spain ($302 million), and Italy ($184 million).
Imports Venezuela imports Refined Petroleum ($942 million), Corn ($310 million), Rice ($248 million), Raw Sugar ($180 million), and Soybean Oil ($158 million), primarily from China ($1.52 billion), the United States ($1.09 billion), Brazil ($782 million), India ($758 million), and Turkey ($236 million).
Location Venezuela shares land borders with Colombia, Guyana, and Brazil, as well as maritime borders with Trinidad and Tobago.
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?
Why is Tajikistan so impoverished?
Tajikistan is located in Central Asia, between Afghanistan, China, Kyrgyzstan, and Uzbekistan, and is surrounded by a vast mountain range. Major oil and natural gas deposits have been discovered in Tajikistan in the last decade, rekindling hopes of reviving the country’s ailing economy and returning economic power to the Tajiks. Tajikistan had roughly 27.4 percent of its population living below the national poverty threshold as of 2018. The following are ten statistics about poverty in Tajikistan:
facts about poverty in Tajikistan
- Not all parts of the country are affected by poverty in the same way. In 2018, the poverty rate in Sugd’s northwest region was 17.5 percent. The Districts of Republican Subordination, just below, had a percentage of almost double that, at 33.2 percent.
- Poverty appears to be more acute in rural Tajikistan than in metropolitan areas. Cotton farming, one of Tajikistan’s principal cash crops, has been demonstrated to do little to reduce poverty levels or lift people out of poverty. Those with non-agricultural occupations in metropolitan regions like as Dushanbe, the capital, might move to Russia to find work. This happens frequently. In 2018, the poverty rate in urban Tajikistan was at 21.5 percent, while rural Tajikistan had a rate of 30.2 percent.
- In Tajikistan, the rate of poverty alleviation has slowed. Poverty rates fell from 83 percent to 31 percent between 2000 and 2015. Since 2014, the annual decrease in the national poverty rate has slowed to 1%.
- The lack of job creation and stagnant pay growth are to blame for the declining rate of poverty alleviation. Due to a lack of new and better opportunities to stimulate the economy, a large portion of the workforce seeks work in Russia, which does little to help Tajikistan’s economy.
- According to reports, 75% of households are concerned about covering their family’s basic needs in the coming year. Tajikistan is the poorest and most remote of the former Soviet Union’s sovereign states. More than 95 percent of households failed to meet the minimal level of food consumption to be considered appropriately sustained, according to the first nationally conducted study since the war ended and Tajikistan attained independence.
- Tajikistan has a high rate of stunting and malnutrition among children, which has been linked to insufficient access to clean water and food. Many families spend more money on drinking water than they can afford. For the 64 percent of Tajiks who live below the national poverty line, this means suffering additional costs on top of a daily income of less than $2.
- There are just 163 places to dwell for every 1000 people. With 1.23 million dwelling units, Tajikistan has the smallest housing stock in Europe and Central Asia. This is largely due to the government’s inability to offer public housing, while private owners lack the financial means to invest in or maintain their houses.
- Tajikistan’s population is 35 percent under the age of 15. This percentage is around 17% among the world’s wealthiest countries. A large number of young people in the population means more difficulties for the rising workforce as they try to make ends meet, especially in a place where the economy may not be able to respond. This might exacerbate Tajikistan’s economic stagnation, with disgruntled young workers fleeing to other countries, as many are already doing.
- It’s possible that up to 40% of Tajiks in Russia are working illegally. Tajikistan is reliant on Russian remittances. This is in addition to Russia’s increasingly stringent administrative procedures for foreign workers. Because of these two factors, the Russian Ministry of Internal Affairs’ estimate of one million Tajiks working in Russia per year is suspect. In Tajikistan, between 30 and 40 percent of households have at least one family member working overseas.
- As of 2015, Tajikistan had a literacy rate of 99.8%. Primary education is compulsory, and literacy is strong, albeit young people’s skill levels are declining. This is due to economic needs driving young people away from their education in pursuit of a source of income to help them meet their basic necessities.
Since attaining independence in 1991, Tajikistan has been working its way out of poverty. The country’s over-reliance on remittances, on the other hand, has caused its economy to stagnate. As a result, there is a hungry workforce and a scarcity of jobs to feed them. Gurdofarid is a non-profit organization that aims to empower Tajik women by teaching them the skills they need to find work in their own nation.
What is the formula for calculating GDP per capita?
How Is GDP Per Capita Calculated? GDP per capita is calculated by dividing a country’s gross domestic product (GDP) by its population. This figure represents a country’s standard of living.