5 lowest-ranked destinations for opportunity in 2024

While opportunity exists globally, some countries struggle to provide the conditions necessary for economic growth and stability.

Countries with underdeveloped economic infrastructure, political instability, and reliance on foreign aid often face significant challenges in creating opportunities for their citizens. These issues make them more vulnerable to global market disruptions, with even minor economic shocks causing significant setbacks.

Economic analysts often refer to the “Resource Curse” to explain why some resource-rich nations face economic difficulties. This theory suggests that overreliance on a single resource makes economies susceptible to price fluctuations and demand changes. In such cases, wealth is often concentrated among a small elite, leaving the broader population without access to opportunities. Others argue that weak institutions and political instability are more influential in limiting economic potential.

The Opportunity Index, a report by CS Global, reveals rising dissatisfaction among high-net-worth individuals (HNWIs) regarding governments’ handling of economic opportunities. Over 40% of respondents cited limited employment prospects and uncompetitive economies as key concerns.

Compiled using World Bank data, the index evaluates countries based on GDP growth, labour market conditions, and inflation. It highlights small, strategically positioned nations as leaders due to their business-friendly policies and diversified economies.

Here are 5 lowest-ranked destinations for opportunity in 2024

São Tomé and Príncipe

São Tomé and Príncipe’s economy remains fragile despite its natural resources and emerging tourism industry. The nation faces low productivity and high poverty rates, relying heavily on foreign aid to sustain its economy. Trade shocks continue to impact its development.

Lesotho

Lesotho is a landlocked economy with a deep dependence on South Africa for trade and stability. While its agrarian economy has shown some growth in recent years, political instability and inconsistent economic policies hinder long-term progress.

Central African Republic

The Central African Republic faces a combination of geopolitical insecurity and economic stagnation. Though it is rich in resources, high poverty rates and low GDP per capita prevent significant economic advancement. The country remains reliant on foreign aid to meet its financial needs.

Republic of Yemen

Yemen’s economy has been devastated by the ongoing conflict. GDP contractions, widespread poverty, and the inability to export oil have left the country dependent on remittances and foreign aid. The prolonged civil war continues to hinder recovery efforts.

Haiti

Haiti’s economy, reliant on agriculture, has been unable to withstand the impact of natural disasters that frequently strike the region. Political instability and limited economic diversification further restrict growth opportunities, leaving the country as the poorest in the Caribbean.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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