Zimbabwe, The Second Poorest Country In The World

The report released by the monthly Global Finance magazine on Thursday says Zimbabwe is second poorest in the world after Congo-Brazzaville which is at the bottom of the list among 182 countries in the wealth classification.

“The poorest 10 countries were by order of their poverty Congo, Zimbabwe, Burundi, Liberia, Eritrea, Niger, Central African Republic, Sierra Leone, Togo and Madagascar,” said Global Finance report.

The report says Qatar is currently the wealthiest nation on earth after it steadily pushed up its way on the global rich list, aided by its massive gas wealth. The small European state of Luxembourg was the second richest.

“The richest country is occupied by Qatar a GDP per capita of U$ 90,149 in 2010. The poorest country is the Republic of Congo, with a per capita of only U$ 342.” The report also showed the other 9 countries in  top 10 richest nations include by order of their wealth Luxembourg, Norway, Singapore, oil-rich Brunei, the United States, Hong Kong, Switzerland, Netherlands and Australia.

Zimbabwe was hit by the economic meltdown in the past decade with International lenders last extended funding to Zimbabwe in 1999 after fallout with President Robert Mugabe, whose policies, including the seizures of white-owned commercial farms in 2000 led to an investor flight.

Zimbabwe’s arrears to foreign lenders now stand at US$6.4 billion and the country has agreed to clear its debt through debt cancellation and using revenues from its minerals to settle part of the money it owes.

However the southern Africa’s economy is on the mend since the unity government came into office in February 2009.