Lowest GDP in the world
Before starting the industrial era, peoples follow the barter system that means exchanging goods and services according to their needs and wants. the Industrialization era is starting around the 1840s, in Europe and the US. In that time machines are developed. Energy resources were developed and goods are manufacturing in machines. The countries and nations are economically growing rapidly by industrialization. Some countries adopt industrialization but some were not. As a result, some countries become economically rich but some countries have not adopted industrialization, they have become poor. Nowadays US, European Union, China, Japan, Germany, UK, India, France, Italy, Canada, South Korea, Russia, Brazil, and Spain, etc. are the largest economies by GDP. On the other hand, Samoa, Dominica, Tonga, Sao Tome and Principe, Micronesia, Marshall Islands, Kiribati, Palau, Nauru, and Tuvalu have the lowest GDP in the world. Now we discuss Top 7 countries, have the lowest GDP in the world, one by one.
Officially it is called the independent state of Samoa. Samoa’s gross domestic product by purchasing power is $1.3 billion US dollars and rank is 204th in the world. The services sector of Samoa is around 66% of GDP. More, industry 23% and agriculture 10.4%. Samoa has a 50,700 labor force.
Its official name is the Commonwealth of Dominica. It has gained independence in 1978. It is located near the Caribbean Sea. It has a 750km sq. area. Its population is 71,293. Its total GDP(nominal) is $484 million and GDP (per capita) is $7860. Its currency is called the East Caribbean dollar.
Its official name is the Kingdom of Tonga. Its total area is 750 sq. km. its total population is 100,650 approx. Its official languages are English and Tongan. Ethnic groups are 97% Tongan, 0.7%Euronesians, and 2.3% are others. By Religion, 98% Christianity, 1% no religion, and 1% others. Its total GDP (PPP) is $660 million and per capita is $6500. Its GDP (nominal) is $490 million and per capita is $4,900. Its currency is called pa’anga.
Its official name is the Democratic Republic of Sao Tome and Principe. It is becoming independent on 12 July 1975. It consists of two main islands. Its total area is 386 sq mi. Its Capital name is Sao Tome. Its Official Languages are Portuguese, Forro, Angolar Principense. By Religion, 82.2% Christianity, 12.6% Unaffiliated, 2.9% Folk religions and 2.3% others. The Total population is 211,100. Its GDP(PPP) is $680 million and per capita is $3,210. Its GDP (nominal) is $350 million and per capita is $1,660. Its currency name is “Dobra”.
Micronesia is consisting thousands of small islands in the Pacific Ocean. It includes approx. 2100 Islands. Its total area is 1,000 sq mi. its main language is Micronesian. Its GDP (nominal) is $401 million (IMF 2021).
It is officially called the Republic of the Marshall Islands. It is an independent country near the Pacific Ocean. Its total population is 58,413. Its total area is 181.43 km sq. Its capital and largest city are Majuro. Its official languages are Marshallese and English. Its ethnic groups are 92.1% Marshallese 5.9% Mixed Marshallese and 2% others. By religion, 97% Christianity, 2% non, and 1% others. Its GDP(PPP) is $215 million and per capita is $3,700. Its GDP (nominal) is $250 million and per capita is $3,800. Its currency is called United States Dollar(USD).
It is officially called the Republic of Kiribati. It is an independent island state located in the central Pacific Ocean. Its total population is 119,000(2020). It has a total of 313 square miles of area. Its capital is called South Tarawa. Its official languages are English and Gilbertese. Ethnic groups are 96.2% Gilbertese and 3.2% others. By religion, 96.2% Christian, 2.1% Baha’i faith, 0.5% None and 1.2% others. Its GDP (PPP) is $250 million and per capita is $2,100. Its GDP (nominal) is $180 million and per capita is $1,600. Its currency is called Australian Dollar(AUD).
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