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Top 9 Poorest Country in Asia
The countries which have been categorized as the poorest country of Asia is in accordance with the index which has been established to research as well as to survey the socioeconomic status of a particular country. 3 main criteria have been taken into account which include poverty, humanity, and economy.
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Up until this date, there are 47 countries across the globe categorized as poor and 9 of them are situated in Asia. Some of you might wonder which country is on that list?
1. Afghanistan
Afghanistan is not only the poorest country in Asia but also across the world. The country which stands at 171 out of 188 countries that have been measured, the country has an average Gross Domestic Product(GDP) per capita of $507 as of writing.
This is considered much lower when compared to the average GDP per capita among other countries of $1220.
2. Bangladesh
This is one of those countries in which a lot of migration occurs among their people and some of them can be seen in countries like Malaysia as they migrate there to work.
But don't be sad my fellow Bangladeshi as it seems that in these past years, Bangladesh has been able to improve their overall income as well as improve the humanity index of their country.
It is possible that in the future, Bangladesh won't be on this list as the top poorest country in Asia.
3. Bhutan
It is one of the countries which uses the mighty mythical orange dragon that symbolizes their country. Bhutan will soon join its neighbor, Bangladesh as the country which will not be on this list by 2023. The accomplishment achieved by Bhutan is also to be proud of.
They have managed to increase the country's GDP per capita to $3316 which has surpassed the $1220 limit. Not just that, but the education and literacy rate of the country has also tremendously increased.
4. Cambodia
The good side of Cambodia is that the country has managed to improve its overall education and literacy rate. However, that alone is not enough for the country to be out of this list.
The overall GDP per capita of Cambodia sits at $1643 which is far from them not being categorized as the poorest country in Asia.
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Not to be sad because the Cambodian government has set a vision that the country will manage to get out of this poorness by 2030 as well as belong in the high-income class country by 2050. I hope they will be able to get out of the grasp of poverty in the future.
5. Timor-Leste
The country which is situated close to Indonesia has a hard time pushing its economy forward due to several factors such as the country which is constantly flooded with water, natural disasters as well as difficulty expanding its own local industry.
Even though the country's overall GDP per capita is considered not half bad but the instability of the country's economy and its geographical location, made it very hard for the country to escape this hardship.
As of now, Timor-Leste status as a developing country is currently being postponed due to other factors and will be re-evaluated in the year. 2021.
6. Laos
There is a high chance that Laos too will be joining Bangladesh and Bhutan to be listed as a developing nation by 2023.
The development that has been achieved by Laos these last few years, especially in terms of the humanity index as well as economic stability has been peaking as we speak. It is estimated that Laos will be able to be out of this poor list by 2024.
These last few years have been going great for Laos and they have used the time efficiently for great changes in the years to come.
7. Myanmar
Myanmar has reached an unexpected development in all aspects ever since the rule of Aung Sann Suu Kyi who happened to be the noble peace price winner in 1991. It was predicted that Myanmar will be a developed nation by 2025.
On the good side, Myanmar has managed to fulfill all the aspects of the country's development in the year 2018 and only time will tell when they will be out of this pitiful list.
8. Nepal
The story of Nepal is quite unique as in the years 2015 and 2018, Nepal has been verified and qualified to be listed as a developing country however the government decided to stay on this list.
This is because the Nepali government still believes that the time has still yet to come for the country's economy to be at its glory since there are still numerous problems that need to be taken care of.
The country's export is still relatively small as well as the country's GDP per capita only sits at $1071. Due to these risks the government has still decided to be listed as the poorest country in Asia.
9. Yemen
Yemen has one big problem that is hindering the developing country such as no access to clean water as it is one of the big issues of the country.
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As of the survey that has been done in 2018, Yemen has still not accomplished several criteria that have been set especially when it comes to the country's GDP per capita which stands at only $774. To make things worse, the humanity index of the country is also very poor and the risk of economic instability is at its peak.
The perks of being on this list
Some of you might be wondering what are the benefits of being on this list to the extent that Nepal is willing to be classified as being poor.
The countries which are listed as "poor countries" or Least Developed Countries (LDC) will be given special privileges and exemptions when it comes to business with other countries.
LDC is allowed to do their exports and imports without being imposed certain taxes as well as not given quotas for the quantity of the products being taken in and out of their country.
Every country out there also puts different interest rates for LDC countries. For instance, the European Union has given zero tariffs to businesses dealing with the LDC. The United States also introduced new schemes specifically for the LDC. Japan on the other hand allowed textiles and clothing to be free of taxes when dealing with LDC.
And if Nepal was ousted from this list the country will lose all these special privileges automatically and it will have to compete with other countries out there to develop its own nation.
For that specific reason, there will be countries like Nepal that intentionally want to stay on the list of poorest countries of Asia as they themselves know that their economy is still not strong enough to compete on their own.
Source: United Nations
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