Iraq ranks #80 among the world's poorest countries in 2021

Shafaq News / Iraq ranked 80th in the world among the poorest countries during the year 2021, according to the Global Finance magazine.

In a recent report for the year 2021, the magazine reported that Iraq ranked 80th out of the 194 countries listed in the table in terms of per capita GDP, advancing 30 places towards poverty compared to the year 2020, in which it ranked 110.

Burundi ranked first in the world's poorest countries, followed by South Sudan, Somalia, and the Central African Republic. Malawi ranked, the Republic of the Congo, Niger, Mozambique, Liberia and Madagascar ranked fifth, sixth, seventh, eighth, ninth and tenth respectively.

In the Arab world, the poorest Arab countries were ranked as follows: Somalia, Yemen, Sudan, Libya, Morocco, Iraq, Jordan, Lebanon and Egypt.

"While GDP per capita is often considered the standard metric, by compensating for differences in living costs and rates of inflation, the purchasing power parity (PPP) can better assess an individual’s buying power in a particular country", the statement said.

"It is hard to pinpoint a single cause of long-term poverty. Dictatorial and corrupt governments can make what could be a very rich nation into a poor one. And so does a history of exploitative colonization, weak rule of law, war and social unrest, severe climate conditions or hostile, aggressive neighbors. Hence why economists often refer to “cycles” of poverty."

The magazine pointed out, "Underprivileged households worldwide, it goes without saying, suffered the worst social and economic consequences of the coronavirus pandemic. Less than a year ago, the IMF warned: “The fraction of the world’s population living in extreme poverty—that is, on less than $1.90 a day—had fallen below 10% in recent years (from more than 35% in 1990). This progress is imperiled by the COVID-19 crisis, with more than 90% of emerging market and developing economies projected to register negative per capita income growth in 2020.”