Top 5 Poorest Continents In The World 2020

The top 10 poorest continents in the world is a rather unpleasant list to make; we have to sort through the inequalities in the human system. We have to come face to face with the sad reality that so many are suffering in a world of abundance. But we must be brave. If there is ever going to be changed, then it must start with facing the facts of the matter.

One by one we will examine the Gross Domestic Products of each continent, as well as look at what problems they face, that hinders growth, as well as analyze possible solutions. Join us now as we check out the poorest continents on the planet.

Top 5 Poorest Continents In The World 2020

1. Antarctica

  • GDP: N/A

Antarctica is the southernmost continent on planet Earth. It is almost entirely south of the Antarctic Circle and is surrounded by the Southern Ocean. For the size, it is quite big, (14,200,000 square kilometers) calculated to be near twice the size of Australia. 

The population of Antarctica varies from around 1000 to 4000 from winter to summer. These are basically just scientists working at the many research stations sponsored by several governments.

The only commercial activity there actually happens off the coast; fishing. Although coal, bitumen, iron ore, platinum, copper, nickel, and gold have been discovered, the quantity has been too little to attract full-scale exploitation.

2. Oceania

  • GDP: 1,630 billion dollars

Coming second on the list of poorest continents in the world is Oceania. Oceania is a geographic region that includes four main groups: Australasia, Melanesia, Micronesia, and Polynesia.  Oceania has a population of about 41 million, and land in both the eastern and western hemispheres, spanning 8,525,989 square kilometers.

Australia and New Zealand have highly advanced economies, and those two economies dictate the pace of other countries. Economic shocks in Australia tend to ripple into the other states. The Australian Stock Exchange is the major stock exchange in the region and the major economic index in the whole continent.

Australia exports a huge amount of gold, and they also produce timber, agricultural produces, and so on. Most people in the Pacific islands work in the service industry which includes tourism, education, and financial services. 

3. Africa

  • GDP: 2,450 billion dollars

Africa is the world’s second-largest, second-most-populous continent, after Asia and the third poorest continent in the world. It is also the world’s oldest human-inhabited continent. Africa has about 1.3 billion people as of 2018, which is just about the population of China. Much of Africa is tropical and experiences year-round temperatures of around 27 degrees Celsius.

 The economy of Africa is spearheaded by Nigeria, South Africa, and Egypt. However, the overwhelming majority of the population of Africa is quite poor. Despite a wide range of natural resources, the continent has not been able to find a way to defeat poverty. 

Some blame the Europeans for centuries of exploitation, but it is important to note that Africa has harmed herself perhaps more than the Europeans: corrupt governments have stolen their countries wealth and stashed huge amounts in European banks, there has been very little central planning, and African governments continue to carry out serious human rights violations. African countries are often suffering from guerrilla warfare between tribes, and if not for European intervention there are constant threats of genocide.

4. South America

  • GDP: 3,640 billion dollars

South America is a continent in the southern side of North America. It is in the Western Hemisphere,  with a relatively small portion in the Northern Hemisphere. Some people consider South America as a part of the Americas. The continent is huge and contains 20 countries and dependencies plus its the fourth on the list of world’s poorest continents.

Economically, South America is spearheaded by Brazil and Argentina. The continent relies less on the export of both manufactured goods and natural resources than most countries and continents, and this means that dips in international trade do not necessarily have to impact South America. 

The South American economy is diversified; mechanical components, agriculture, automotive manufacturing, livestock, and food products are destined for domestic consumption, although there is some amount of international trade. 

5. Europe

  • GDP: 21,790 billion dollars

Europe is a continent located in the Northern Hemisphere. It comprises of lands that face the Atlantic ocean, the Arctic Ocean to the north, the Atlantic Ocean to the west, and the Mediterranean Sea down towards the south. Europe meets Asia to the east to form the larger landmass called Eurasia

Economically, Europe has some of the most diversified and solid economies in the world. Great Britain, Germany, and France lead the way in Europe. Their economies, currencies, and stock indexes being the biggest indicators of the region’s economic health. Europe has well over $32.7 trillion dollars in assets under management.

 As with other continents, Europe is not just wealthy throughout; The richer states tend to be in the West; Most other countries (Central and Eastern Europe) have underdeveloped economies, and a low standard of living. 

6. North America

  • GDP: 24,430 billion dollars

North America is a continent located in the Northern Hemisphere. Some people prefer to see it as a subcontinent of the greater Americas. On the northern side you find the Arctic Ocean, to the east yo find the Atlantic Ocean, and to the west and south, you find the Pacific Ocean. In the southeast, you find South America and the Caribbean Sea. 

The economy of North America is Spearheaded by the USA and Canada. Other countries on the continent are Mexico, Panama, Puerto Rico, Cuba, Dominican Republic, Guatemala, Panama, Costa Rica, Trinidad, and Tobago.

Canada, Mexico, and the United States have well balanced and diversified economic systems. The United States has the largest economy in North America and the world. The United States’ services sector comprises 77% of the country’s GDP, while industry makes up 22%. Agriculture comprises 1.2%.

Similar details are observed in Canada and Mexico, services make up the bulk of the economy, while industry, mining, and agriculture make up the balance.

7. Asia

  • GDP: 31,580 billion dollars

Asia is Earth’s largest and most populous continent on planet earth. Asia meets Europe by land, making up Eurasia. Some countries in Asia are China, India, Singapore, Taiwan, Japan, Vietnam, and others. Asia is an ancient ground, many of the earliest civilizations and empires sprang from Asia.

Another interesting fact is that neighbors China and India both have populations in excess of 1 billion each. China and India at different times during ancient history had empires that shook the world.

Asia has the largest continental economy in the world; this is mostly achieved by combining commercial spending in the two countries mentioned earlier. Manufacturing has really taken off in China, and most important electronic brands have factories there due to the highly available labor. 

Finished goods from Asia commonly find their way to sub-Saharan Africa, although much still needs to be done to make Chinese brands competitive in the more robust markets of Europe and Africa.

Related:

Closing On The Poorest Continents In The World

Many countries in Africa have leaders whose primary concern is to steal as much wealth as possible, while Europe and America are busy growing their economies and empowering their people. If only China and India could cooperate more, they could form the biggest economic coalition in the world. The biggest source of wealth is not extracting resources from the ground; it is by creating it above ground through the services sector. 

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