Luxembourg is the world’s richest country in terms of GDP per capita. Luxembourg’s GDP per capita was 116,921 US dollars in 2020. Switzerland, Ireland, Norway, and the United States of America round out the top five countries.
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.
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?
What is India’s GDP per capita?
According to Trading Economics global macro models and analysts, India’s GDP per capita is predicted to reach $1750.00 USD by the end of 2021. According to our econometric models, India’s GDP per capita will trend around 1850.00 USD in 2022 and 1920.00 USD in 2023 in the long run.
Afghanistan
Continual violent strife, government corruption, and widespread income disparity plague this mountainous nation. The Taliban retook control of Afghanistan’s government after the United States and the United Nations withdrew their forces in mid-2021. While the long-term impact of this change on Afghanistan’s economy is unknown, the Taliban’s ongoing conflicts with ISIL, as well as its forcible closure of female-owned businesses and refusal to allow girls to attend school, are widely seen as conditions unlikely to lead to a more robust and stable economy.
North Korea
Although North Korea may be Asia’s poorest country, the country’s notoriously secretive leadership rarely provides data, so economists must rely heavily on expert estimates. The authoritarian regime’s weak governance is blamed for North Korea’s poverty. In North Korea, the free market is almost non-existent. According to estimates, around 60% of North Korea’s population would be poor by 2020.
Nepal
Political instability and corruption, a lack of industry, and a reliance on agriculture are all factors contributing to Nepal’s poverty. Despite its abundance of natural resources, Nepal has not taken advantage of them by exporting them to other countries.
Tajikistan
Tajikistan is routinely ranked as Asia’s second or third poorest country by most measures. Tajikistan’s economy is stalled due to a lack of infrastructure. Tajikistan has one of the world’s largest remittance economies, since many competent people leave the nation in quest of better job prospects. In addition, during the 1990s, Tajikistan’s civil conflict destroyed almost one-fifth of the country’s schools, robbing children of their right to an education, which is one of the most important factors in alleviating poverty.
Yemen
Yemen is ranked 168th out of 177 countries on the UN’s Human Development Index (HDI), indicating that it is one of the world’s poorest countries. Yemen’s poverty arises from the country’s protracted civil war, corruption, and mismanagement of the economy. As a result of the civil conflict, an increasing number of Yemenis are living in poverty. Approximately 79 percent of the population is poor, with 65 percent classified as extremely poor.
Kyrgyzstan
Kyrgyzstan is Asia’s fifth poorest country in terms of GDP per capita (current US$). Around 32% of Kyrgyzstan’s population lives in poverty. The country’s reliance on agriculture, as well as disparities in knowledge and resources among its people, are the main reasons of poverty in Kyrgyzstan. Kyrgyzstan also has few natural resources that are appealing to the rest of the world, with cotton and tobacco being the only products it can export. Furthermore, many parts of Kyrgyzstan lack basic banking and financial services, which discourages people from investing and slows economic progress.
Cambodia
Cambodia has a scarcity of human resources and a widening wealth gap. Despite recent economic gains, the country remains impoverished, and the government has done little to develop the infrastructure needed to raise millions of people out of poverty.
Myanmar
Around 26% of Myanmar’s population lives in poverty, with rural areas accounting for 70% of the country’s population. Poor government planning, internal unrest, a lack of foreign investment, a huge trade deficit, and insufficient infrastructure and know-how to take advantage of the country’s natural resources are the key contributors to slow economic growth.
Syria
Because Syria rarely releases official economic data, economists must rely on their best guesses, which depict a grim picture. As of 2017, almost 80% of Syrians lived in poverty or near poverty, a 45 percent rise from 2007. The Syrian Civil War, which has destroyed health-care infrastructure and educational facilities, is the primary reason of the significant rise in poverty. Education is one of the best ways out of poverty, but due to the conflict, about half of Syrian children no longer attend school. Syria has also seen extremely high inflation in recent years, hitting a high of 121.29 percent in 2014.
Pakistan
Despite Pakistan’s abundant natural resources, about 40% of the country’s population lives in abject poverty. Government corruption and elitism, religious and secular conflict, and a lack of democratic values are all factors contributing to this dysfunction. The government also spends the majority of its national budget on defense, with education accounting for only 2.6 percent of its overall GDP. As a result, about half of Pakistan’s population is illiterate.
India
Despite being the world’s fifth-largest economy in terms of GDP, roughly 21% of India’s population (269 million people) lives in poverty. Poverty in India is caused by illiteracy, gender discrimination, unequal economic distribution, and the country’s rapidly growing population.
Uzbekistan
Uzbekistan, a former Soviet republic, is a promising producer of commodities such as gold, copper, uranium, petroleum gas, cotton, and grapes. However, because to widespread governmental corruption, the earnings from these industries mostly benefit a small group of citizens. Economists believe corruption, as well as the income inequality it causes, to be a key impediment to the country’s progress out of poverty.
Timor-Leste
This half-island republic in the South Pacific (which may easily be regarded part of Oceania rather than Asia) is still growing after only gaining independence from Indonesia in 2002. Despite the fact that Timor-Leste (formerly known as East Timor) exports a lot of coffee, as well as marble, sandalwood, and an increasing amount of oil and gas, many of its people still rely on subsistence farming. Additional barriers to economic progress are typically highlighted as a rudimentary judicial system, a low but improving adult literacy rate, and particularly weak telecommunications infrastructure.
What is Asia’s poorest country?
Asia is the world’s largest continent, covering 17 million square miles, and the most populous, with a population of 3.8 billion people. India, China, Russia, Japan, and South Korea are among the continent’s 48 countries. Many of the world’s poorest countries rely heavily on agriculture and small-scale trading networks for money, and the continent is home to economically developing nations.
With a per capita income of $1,800, North Korea is Asia’s poorest country. North Korea’s poverty statistics, revealing that the country has substantially lower income and significantly higher poverty than previously thought. North Korea’s income levels have fluctuated drastically during the last decade.
Note that while per capita income is calculated by dividing GDP by total population, civilian income may be significantly lower or greater.
What is India’s GDP forecast for 2021?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
What is India’s current GDP?
- As of 2017, India’s nominal (current) Gross Domestic Product (GDP) is $2,650,725,335,364 (USD).
- In 2017, India’s real GDP (constant, inflation-adjusted) was $2,660,371,703,953.
- In 2017, the GDP Growth Rate was 6.68 percent, a change of 177,938,082,996 US dollars from 2016, when Real GDP was $2,482,433,620,957.
- In 2017, India’s GDP per capita (with a population of 1,338,676,785 people) was $1,987, up $113 from 2016’s $1,874; this indicates a 6.0 percent increase in GDP per capita.