Tag: SustainableDevelopment

Ranking the World’s 35 Poorest Countries by GDP Per Capita in 2024

Staff ReporterWorld 0

Global Economy and Poverty

The post-COVID-19 economic crisis has significantly impacted the world’s poorest countries, causing high inflation and interest rates. Extreme poverty, defined by the international poverty line of $2.15, increased from 8.9% in 2019 to 9.7% in 2020, marking the first rise in global poverty in decades. The World Bank attributes the surge in 2020 largely to South Asia, where extreme poverty jumped to 13% between 2019 and 2020. Conversely, poverty fell in East Asia, the Pacific, Latin America, and the Caribbean at a higher poverty line of $3.65. In Europe, Central Asia, and advanced countries, poverty was low at the international poverty line of $6.85. By 2022, global poverty remained slightly above pre-pandemic levels, though it was on a declining trend. There were nearly 23 million more people living in extreme poverty in 2022 compared to 2019.

Poverty projections for 2024 at $3.65 and $6.85 have been revised down for Syria and Uzbekistan by 0.7 and 0.6 percentage points, respectively, reducing global poverty counts by 52 and 44 million. The global extreme poverty rate has been adjusted slightly by 0.1 percentage points to 8.9% from 2019, changing the count of poor people from 701 million to 689 million by 2024. Despite an increase in extreme poverty in Sub-Saharan Africa by 14 million, the global poverty rate has reduced.

The 2023 Global Multidimensional Poverty Index by the UNDP highlights that 25 countries halved multidimensional poverty within the last 15 years. However, around 1.1 billion people out of the world’s 6.1 billion remain poor. Of these, 534 million live in Sub-Saharan Africa, and 566 million are under 18. Approximately 485 million people live in extreme poverty, facing 50-100% of weighted deprivations. Many of the least developed African countries are also the poorest.

How Nestlé Helps in Improving Livelihoods

Nestlé (OTC:NSRGY), a Switzerland-based multinational corporation in the food and drinks industry, is the world’s largest food company with a market cap of about $274.53 billion as of July 7. Nestlé is actively contributing to the United Nations Sustainable Development Goals (SDGs) to combat global issues such as poverty, inequality, and climate change. The company aims to support nearly 10 million young people with economic opportunities by 2030. In 2023, about 10,000 families participated in Nestlé’s income accelerator program in cocoa production.

In partnership with the World Economic Forum, Nestlé launched its Income Accelerator Programme in 2022, incorporating the International Cocoa Initiative, the Sustainable Trade Initiative, and the Rainforest Alliance. Nestlé offers up to €500 annually to households participating in the program. Through improved agricultural practices, Nestlé has increased cocoa production by 20%, yielding nearly 130 kg of cocoa per hectare. Families use the income to cover healthcare and schooling costs, resulting in an 8% improvement in school enrollment rates.

For the quarter ending March 31, 2024, Nestlé reported total sales of around $24.7 billion, down from $26.3 billion year-over-year, with a negative Real Internal Growth (RIG) of 2%. However, the company anticipates better performance in the subsequent quarters and projects an organic sales growth of about 4% for 2024. Underlying earnings per share in constant currency are expected to rise between 6% and 10%.

Nestlé’s diversified product portfolio enables it to leverage growth opportunities in developing countries, which contribute approximately 40% of its turnover. The company’s product categories include powdered and liquid beverages (26.64%), PetCare (18.9%), nutrition and health science (15.3%), prepared dishes and cooking aids (11.7%), milk products and ice cream (11%), confectionaries (8.7%), and water (3.3%).

Nestlé’s stock is trading at $106 as of July 17, with analysts’ median price target indicating an 11.55% upside. The stock trades at 19 times its forward earnings, a 17.26% discount to its five-year average of 23.06.

Our Methodology

To compile our list of the 35 poorest countries by GDP per capita in 2024, we sourced data from the International Monetary Fund (IMF). For countries without available GDP per capita data from the IMF, we used the World Bank database. Our list ranks the 35 poorest countries by GDP per capita for 2024 in ascending order.

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Ranked: The 35 Poorest Countries by GDP Per Capita in 2024

  1. Benin

– GDP Per Capita (2024): $1,512

– Benin faces educational inequality and political instability, contributing to widespread poverty.

  1. Timor-Leste

– GDP Per Capita (2024): $1,454

– Timor-Leste grapples with water issues and extreme climate changes.

  1. Zambia

– GDP Per Capita (2024): $1,413

– Zambia, geographically isolated, experiences extreme poverty.

  1. Pakistan

– GDP Per Capita (2023): $1,407

– Pakistan, amid economic and political crises, ranks 32nd.

  1. Nepal

– GDP Per Capita (2024): $1,397

– Nepal, with a GDP of $44.18 billion, has a population of 30.89 million.

  1. Comoros

– GDP Per Capita (2024): $1,384

– Almost 45% of Comoros’ population lives below the national poverty line.

  1. Tajikistan

– GDP Per Capita (2024): $1,271

– In Tajikistan, 1.6% of the employed population lives below the $1.90 daily purchasing power parity.

  1. Myanmar

– GDP Per Capita (2024): $1,248

– Myanmar’s GDP stands at $68.01 billion.

  1. Tanzania

– GDP Per Capita (2024): $1,220

– Around 76% of Tanzania’s population relies on rain-fed agriculture.

  1. Uganda

– GDP Per Capita (2024): $1,202

– Uganda suffers from political instability, corruption, and income inequality.

  1. Nigeria

– GDP Per Capita (2024): $1,110

– Nigeria, with the world’s sixth-largest population, faces several challenges including corruption and unemployment.

  1. Lesotho

– GDP Per Capita (2024): $1,107

– Lesotho’s GDP is $2.4 billion.

  1. Guinea-Bissau

– GDP Per Capita (2024): $1,087

– Guinea-Bissau’s GDP is around $2.15 billion.

  1. Togo

– GDP Per Capita (2024): $1,058

– Togo struggles with political instability and economic issues.

  1. Chad

– GDP Per Capita (2024): $1,014

– Chad’s GDP is $18.7 billion, with various economic challenges.

  1. Eritrea

– GDP Per Capita (2023): $1,013

– Eritrea’s poverty rate is 40%, expected to decrease by 13% by 2040.

  1. The Gambia

– GDP Per Capita (2024): $989

– The Gambia faces economic issues including climate change and limited resources.

  1. Rwanda

– GDP Per Capita (2024): $988

– Rwanda has a GDP of $13.7 billion.

  1. Burkina Faso

– GDP Per Capita (2024): $910

– Burkina Faso’s GDP per capita is $910, with limited natural resources.

  1. Mali

– GDP Per Capita (2024): $899

– Mali’s poverty rate exceeds 20%.

  1. Liberia

– GDP Per Capita (2024): $855

– Liberia’s GDP is $4.75 billion.

  1. Somalia

– GDP Per Capita (2024): $776

– Somalia’s GDP is $12.8 billion.

  1. Democratic Republic of the Congo

– GDP Per Capita (2024): $715

– The DRC has a GDP of $73.76 billion.

  1. Niger

– GDP Per Capita (2024): $670

– Niger’s economy relies heavily on agriculture.

  1. Mozambique

– GDP Per Capita (2024): $659

– Despite past economic growth, Mozambique faces poverty and unemployment.

  1. Sudan

– GDP Per Capita (2024): $547

– Sudan struggles with conflicts, illiteracy, and environmental challenges.

  1. Madagascar

– GDP Per Capita (2024): $538

– Madagascar’s GDP is $16.47 billion.

  1. Central African Republic

– GDP Per Capita (2024): $512

– The CAR’s GDP is $3.14 billion.

  1. Malawi

– GDP Per Capita (2024): $464

– Malawi’s GDP is $10.17 billion.

  1. Afghanistan

– GDP Per Capita (2024): $463

– Afghanistan faces political instability and economic hardship.

  1. Yemen

– GDP Per Capita (2024): $416

– Yemen’s GDP is $16.78 billion.

  1. Sierra Leone

– GDP Per Capita (2024): $371

– Sierra Leone’s GDP is $5.75 billion.

  1. Madagascar

– GDP Per Capita (2024): $538

– Despite economic potential, Madagascar faces high poverty rates.

  1. Syria

– GDP Per Capita (2024): $332

– Syria’s economy is heavily affected by conflict.

  1. Burundi

In 2024, Burundi’s GDP per capita stands at a mere $230, making it the poorest country in the world by this measure. As a landlocked nation with a low-income economy, nearly 80% of its population is engaged in agriculture, making the economy particularly susceptible to climate-related risks. As of 2021, about 75.1% of Burundians live in multidimensional poverty, with another 15.8% on the brink. With a total population of 13.23 million and a GDP of approximately $3.08 billion, Burundi faces severe economic challenges.

The post  35 Poorest Countries by GDP Per Capita in 2024 appeared first on Insider Monkey.

U.S. and India Sign Agreement to Launch Gandhi-King Development Foundation by October 2024

Staff ReporterCulture 0

Senior officials from the United States and India have formalized their commitment to establish the Gandhi-King Development Foundation (GKDF) by October 2024, through the signing of a Statement of Intent on June 17. This foundation is designed to reflect the shared principles of Mahatma Gandhi and Martin Luther King Jr., with a focus on promoting inclusive and sustainable development. The announcement of the Foundation’s creation was made by the US Agency for International Development (USAID) India on July 1.

The signing took place during White House National Security Advisor Jake Sullivan’s visit to India. This initiative builds on the legislative groundwork laid by the US Congress with the passage of the Gandhi-King Scholarly Exchange Initiative Act in December 2020. Sponsored by Representative Gregory W. Meeks, this Act authorized USAID to establish the Gandhi-King Development Foundation. According to a statement from the US Embassy in India, this development signifies a deepening of the strategic partnership between the two nations.

US Ambassador to India, Eric Garcetti, highlighted the significance of the foundation, stating, “The Gandhi-King Development Foundation represents a transformative partnership between the United States and India, rooted in the visionary ideals of Mahatma Gandhi and Martin Luther King Jr. The foundation underscores our shared commitment to forging global progress by leveraging our collective strengths.”

The GKDF is set to become a pioneering platform for US-India collaboration on addressing global development challenges. It will operate locally within India, utilizing both public and private sector resources to support India’s national and international development objectives. The foundation’s key focus areas include combating climate change, reducing tuberculosis, improving water and sanitation, mitigating the health impacts of air pollution, enhancing educational outcomes, and promoting women’s economic empowerment.

Änjali Kaur, USAID Deputy Assistant Administrator for Asia, who signed the Statement of Intent on behalf of USAID in New Delhi, expressed pride in supporting the foundation. She stated, “USAID is proud to support the Gandhi-King Development Foundation, which will promote inclusive and sustainable development, symbolizing the friendship and common values of the United States and India.”

The establishment of the Gandhi-King Development Foundation represents a significant step in US-India relations, symbolizing a commitment to addressing some of the most pressing global challenges through a collaborative approach.

Asia Society Features Farwa Aamer At Women Making History Event

Staff ReporterWomen 0

Farwa Aamer’s work at the Asia Society Policy Institute vividly showcases the remarkable outcomes that arise when a fervent dedication to research and policy converges with a deep-seated appreciation for the imperative of forging a more secure, integrated, and sustainable global landscape.

She builds conversations that catalyze powerful solutions. Farwa serves as the Director of South Asia Initiatives at the Asia Society Policy Institute (ASPI) in New York where she leads the institute’s policy work and projects in South Asia.

Prior to her work at ASPI, Farwa worked at the Stimson Center where she led research on the security, political, and socio-economic dimensions of transboundary river governance in the Himalayan region including the disproportionate impacts of climate change and water insecurity on women. Through her work, she helped to facilitate greater regional cooperation on issues and opportunities concerning water, energy, climate change, and sustainable development in South Asia, MENA, and Central Asia.

Asia Society Features Farwa Aamer At Women Making History Event Director Aamer’s work often focuses on the importance of transboundary water politics including a multitude of publications, interviews, and panels like her upcoming panel, Politics on Water in the Himalayan Region.

“As somebody who has been studying and analyzing transboundary water politics in the Himalayas for some years now, I cannot overstate the critical importance of the panel discussion on this pressing issue.

…The Himalayan region, often regarded as the ‘water tower of Asia,’ faces an escalating crisis of water stress exacerbated by rapid population growth, urbanization, and the looming specter of climate change. The consequences of this crisis are not abstract; they are painfully tangible, affecting the lives of millions across the region.

However, the challenges go beyond mere access to water; they extend to the complex dynamics of transboundary watercourses, where disputes can escalate into conflicts with far-reaching consequences. This upcoming panel’s focus on transboundary water politics is crucial because it underscores the interconnectedness of water issues across borders. The Himalayan rivers also pose significant challenges in terms of governance, cooperation, and conflict resolution. Ignoring these challenges could lead to economic losses, strained relations between nations, humanitarian crises, and even destabilization of already fragile regions.” A Note from Director Aamer:

When asked about her hopes for her work at Asia Society and her advice for young women from Asia and the Asian Diaspora, Director Aamer shared this:

“It’s heartening to witness the increasing presence of South Asian women in various sectors of the workforce today. The region’s history is rich with women leaders, especially in politics, like Indira Gandhi, Fatima Ali Jinnah, Sheikh Hasina, Benazir Bhutto, among others, who have left an indelible mark regardless of the challenges they faced.

To the young girls and women of Asian heritage, I urge you to never cease dreaming and aiming higher. Take initiative and become the architects of your own destinies. While the journey may present obstacles, I firmly believe that today’s women are more cognizant, evolved, and empowered. Despite systemic barriers, we possess the capability to not only navigate but also transform the system itself.

Embrace your heritage, leverage your unique perspectives, and let your voices resound in every space you inhabit.”
Happy Women’s History Month from Asia Society and the many women like Farwa who make an impact every day! Stay tuned each week as we share just a few of their stories.

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