What is the poorest country in the world OR what is the richest country in the world? It cannot be decided without the appropriate study of the world’s economic system. So it is a great deal to have a correct study concerning to wealth, living standard, per capita income and lots of other factors in order to ascertain the country’s overall financial position. There are two foremost methods to determine the prosperity of a country and how rich or poor the inhabitants are.
- The 1st technique that is frequently used to determine the economy is Gross domestic product (GDP) which shows the wealth of a particular nation. Furthermore per capita GDP is premeditated which shows the average savings of every individual living in the countryside.
- While on the other hand GDP and per capita GDP are not more productive when the economic comparison is made stuck between the international levels as GDP is measured in the home currency of the concerned country. So a substitute measure that the mostly used by economists is GDP at purchasing power parity (PPP). This technique merely makes a thorough comparison of the living standards of diverse countries as PPP emphasizes on the cost of living and inflation rates of the countries as an alternative to using solitary exchange rate of the countries which may distort the real differences in the income of the concerned country.
List of Top 10 Poorest Countries in the World By GDP 2015
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Also See :
- Top 10 Richest Countries in the world
- USA economy in the World
- Top 10 European Countries by highest population
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