The World Bank has classified Laos as a lower-middle-income economy in its latest classification for the 2020 fiscal year. The bank classifies the world’s economies into four income groups, namely high, upper-middle, lower-middle, and low, based on Gross National Income (GNI) per capita in U.S. dollars.
Is Laos in poverty?
Almost a quarter of the Lao population lives in poverty, and an estimated 80 percent of the country lives on less than $2.50 per day. … The poverty rate in rural areas is four times higher than urban ones, and many people lack roads, water and electricity.
What country is a low-income country?
There are currently 24 countries in the low-income country category. Somalia is at the bottom of the low-income country list, with a GNI per capita of $130.
Low Income Countries 2022.
|Country||GNI per capita*||2022 Population|
Why is Laos one of the poorest countries?
In spite of several years’ promotion, Laos has not received a favorable amount of FDI because the lack of territorial access to the sea is a formidable obstacle to FDI inflows due to the high cost of transportation and the existing poor business environment, including a weak physical infrastructure network, structural …
What is the poverty level in Laos?
Data from the LECS shows that the national poverty headcount rate declined by 6.3 percent over six years, from 24.6 percent in 2013 to 18.3 percent in 2019. This means, however, that almost a fifth of Lao people are still living on incomes below the 2019 national poverty rate of 9,364 kip (US$1) per day.
What is the average income in Laos?
The average annual income in Laos is around $2,150 USD, compared to $5,640 USD in Thailand, $ 2,060 USD in Vietnam and $ 1,140 USD in Cambodia.
Is Laos the poorest country in Southeast Asia?
While Laos remains one of the poorest countries in Southeast Asia, with nearly one-quarter of its population below the poverty line, it has made good progress over the past 20 years, including halving poverty, reducing hunger, and improving education and health outcomes.
Where are most of the lowest income countries found today?
High-income economies are those that yield more than $12,736 GNI per capita a year. Nearly every low-income country is now in sub-Saharan Africa, with just Afghanistan, Cambodia, Haiti and Nepal ranking in the poorest category from outside Africa.
How do you know if a country is low income?
Countries with less than $1,035 GNI per capita are classified as low-income countries, those with between $1,036 and $4,085 as lower middle income countries, those with between $4,086 and $12,615 as upper middle income countries, and those with incomes of more than $12,615 as high-income countries.
How many countries are low income?
In 2019, the threshold for being labeled as a low-income country had risen to $1026 . Now only 29 countries have average incomes below that, and their combined population is 0.7 billion people, which is 9% of the world population of 7.6 billion.
Is Laos a third world country?
“Third World” lost its political root and came to refer to economically poor and non-industrialized countries, as well as newly industrialized countries.
Third World Countries 2022.
|Country||Human Development Index||2022 Population|
|Republic of the Congo||0.606||5,797,805|
Which is the poorest country in Europe?
Financial and social rankings of sovereign states in Europe
- Despite having the highest GDP growth rate in Europe, Moldova is among its poorest states, and also has Europe’s smallest GDP per capita.
- Madrid is the financial capital of Spain, and one of the most important financial centres in Europe.
What language is spoken in Lao?
Top 13 poorest countries in Asia (World Bank, by 2020 GDP per capita, current US$)*
- Nepal ($1155.14)
- Kyrgyzstan ($1173.61)
- Pakistan ($1193.73)
- Timor-Leste ($1381.17)
- Myanmar ($1400.21)
- Cambodia ($1512.72)
- Uzbekistan ($1685.76)
- India ($1900.71)
What is the literacy rate in Laos?
Literacy of population
According to our estimates 3,771,527 persons or 79.86% of adult population (aged 15 years and above) in Laos are able to read and write. Accordingly about 951,054 adults are illiterate. Literacy rate for adult male population is 87.14% (2,024,582 persons). 298,678 are illiterate.
What is the unemployment rate in Laos?
In 2020, the unemployment rate in Laos was at approximately 0.95 percent.
Laos: Unemployment rate from 1999 to 2020.