Global Finance magazine (USA) has compiled a Rating of the World's Poorest Countries. According to the data, Kazakhstan ranks 128th on this list - the second result in the CIS and the best in the Central Asian region.
In the rating compiled by financial analyst Luca Ventura based on IMF data, a unique indexing system is applied. The list starts with the poorest countries, with the wealthiest nations of the planet at the end.
At the top of the list is the poorest country in the world - South Sudan, where the average citizen lives on $1.12 a day (approximately 500 tenge). South Sudan has been plagued by violence since its creation in 2011, with a history consisting of civil wars, crime, and corruption. Last year, about 9 million people (over 60% of the population) suffered from hunger.
At the bottom of the table are the richest countries in the world - the USA, San Marino, Switzerland, UAE, Qatar, Singapore, Ireland, SAR Macao, Luxembourg.
For comparison: while a resident of South Sudan survives on one dollar a day, the average resident of Luxembourg can spend $394 a day.
"It is difficult to determine the causes of long-term poverty," reflects Ventura.
"Corrupt governments can turn a very rich country into a poor one. The same can be said for the history of exploitative colonization, weak rule of law, wars and social unrest, harsh climatic conditions, or hostile, aggressive neighbors."
According to the analyst, weaknesses exacerbate weaknesses: a country with debts cannot afford good schools, while poorly educated, unskilled labor limits growth opportunities.
The poorest countries were hit especially hard by the COVID-19 pandemic. From 1990 to 2019, the share of the world's population living in extreme poverty (less than $1.90 a day) dropped from 35% to 10%. However, the pandemic has undone all this progress, bringing it back to 35%. Not even the revision of the International Poverty Line (IPL) to $2.15 a day could save the situation.
As another example of poverty, Luca Ventura mentions Burundi:
- "Tiny Burundi, landlocked and lacking natural resources, went through a bloody 12-year civil war that ended in 2005. Around 80% of the approximately 13 million citizens of Burundi live off subsistence farming, earning about $2.5 a day. The population lacks access to clean water and sanitation, with only 5% of the country's citizens having electricity in their homes."
It was only in 2022 that the US and the European Union lifted financial sanctions on this country, and Burundi began to experience a slight economic growth.
As for Kazakhstan, we find ourselves at the 128th position out of 190 countries. The GDP per capita in Kazakhstan is $34,534 in PPP. We are significantly ahead of our regional neighbors.
Also, countries like Ukraine ($15,464), Vietnam ($15,470), Azerbaijan ($19,328), Brazil ($20,809), China ($25,015), Belarus ($25,685) are far behind us. Russia ($38,292) surpasses us by three places.
