Top 10 Countries With The Lowest Minimum Wage (2023)
The minimum wage, or the amount of money that a country's poor earn and must live on, is one of the main factors that influence its economy. Primarily impoverished nations with an abundance of labor that becomes quite cheap due to a lack of scarcity are those with the lowest minimum wages.
Investors may find this cheap labor, a large population, and adequate infrastructure to be quite appealing; especially those who work in manufacturing. As a result, the reader may have a preconceived notion of poverty and deprivation, but the situation in these nations may not necessarily be all bad.
However, in order to present the facts, these are a few of the nations with the lowest minimum wages. The politics that underpin their economies and the prospects that lie ahead may also be the subject of this article. We’ve also published articles on most valuable currencies in the world
Top 10 Countries With The Lowest Minimum Wage
- Cuba
- Congo
- Tajikistan
- Suriname
- Senegal
- Ethiopia
- Sri Lanka
- Indonesia
- India
- Thailand
1.Cuba
Cuba is not the most appealing location for workers with an average monthly wage of 50.09 USD. Cuba is an island nation in the Atlantic Ocean, Gulf of Mexico, and northern Caribbean Sea that speaks Spanish. Cuba is near Mexico and the United States.
Cuba has approximately 11 million people living in its 50,730 km2 of land. Cuba has had political instability for a long time; It was ruled by a dictatorship in the 1950s, which was overthrown by the Cuban Revolution; installing Fidel Castro, who led a communist government for 47 years.
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Cuba is open to Western investments but strictly adheres to communist principles, and it is friendly with Russia. Tobacco, raw sugar, and hard liquor are among the nation's most popular products. Perhaps of the greatest business in the nation is the travel industry; Cuba attracts visitors from all over the world for its hotels and beaches.
2. Congo
Central Africa is home to the Democratic Republic of the Congo, formerly known as Zaire. This is one of the nations with the lowest wages in the world, averaging just 87.51 USD per month. With 108 million people living there, Congo is the most populous Francophone nation in the world.
However, poor leadership has plagued Congo for much of its history. Mobutu Sese Seko ruled until 1997 after a military coup in 1965 brought him to power. Human rights abuses persisted even after he was removed as president, and the country continues to be unattractive to investors, which is why the minimum wage is so low.
3. Tajikistan
The country of Tajikistan is in Central Asia. Afghanistan, Uzbekistan, Kyrgyzstan, China, and Pakistan are a few of its neighbors. There are 9,749,625 people living in Tajikistan, which has a land area of 143,100 km2.
Tajikistan has experienced under the impact points of oppressive legislatures for quite a while; Since 1994, President Emomali Rahmon has led the nation, but the government does not care about human rights.
Investors who are able to create jobs and make the job market more competitive would not find the country's political situation to be appealing; resulting in an increase in the minimum wage.
4. Suriname
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Suriname is a nation in South America that is located right on the Atlantic coast. Guyana, Brazil, and French Guiana are among its neighbors. The nation of Suriname is quite small; It has 612,985 people living there, and its land area is 165,000 square kilometers. Suriname's population consists primarily of descendants of African slaves imported by the Dutch Empire.
Previously a part of the Kingdom of the Netherlands, Suriname has experienced numerous coups and countercoups since independence and has not been very politically stable.
Agriculture is also very important in the nation, which has a lot of natural resources.
5. Senegal
The average salary in Senegal is 162.29 dollars, which is low even by African standards. This West African nation has 17 million people living there. Gambia, Guinea, Mauritania, and Mali are a few of its neighbors. Cape Verde and Senegal also share a maritime border.
Senegal's economy is for the most part determined by mining, development, the travel industry, fishing and agribusiness. However, in order to raise the minimum wage and improve people's quality of life, the nation must do more to entice additional investors and provide more high-quality employment opportunities. You can also read on biggest companies in South Africa
6. Ethiopia
The country of Ethiopia is located in the Horn of Africa. This is one of the oldest areas of Africa and the world that has been inhabited; It has a long and illustrious history. Ethiopia is the second most populous country in Africa, with 113.5 million people living there. Ethiopia's neighbors include Sudan, Djibouti, Kenya, and Somalia on its 1,100,000-square-kilometer land area.
Due to the state of its economy, wages are low in Ethiopia; furthermore, the economy has been seriously impacted by political insecurity. In the 1970s, rebels supported by the Soviet Union overthrew the Emperor and the country has struggled with ethnic issues ever since.
Economic development has been difficult because of these ethnic issues, and investors are reluctant to invest in nations that do not uphold human rights.
7. Sri lanka
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The nation of Sri Lanka is located in East Asia. It is a nation on an island, and some of its neighbors include Myanmar and India. Sri Lanka has a land area of 65,610 km2 and a population of approximately 22 million people. A 27-year civil war has left scars throughout the nation's recent history.
Sri Lanka is an underdeveloped nation. Some of its most important industries are fishing, agriculture, tourism, and manufacturing. So far, everything points in the right direction, and Sri Lanka will soon have a functioning economy. The country's economy continues to grow as a result of foreign investments in the aforementioned sectors.
8. Indonesia
The nation of Indonesia is located in Southeast Asia. The country is made up of islands, or rather, a group of islands that live together as a single nation. Indonesia has approximately 275 million people living together in 1,904,569 square kilometers of land.
The economy of Indonesia has just developed; Agriculture, food processing and packaging, commerce, tourism, and so on are some of the country's most important industries. Both the government and the private sector play important roles in the country. The majority of the country's agricultural output is palm oil.
Indonesia is not exactly a poor nation, despite the fact that it has one of the lowest minimum wages in the world; The people get subsidies from the government, and the government takes care of many of their daily needs.
9. India
One of the largest nations in the world is India; one of only two with a population of more than one billion. South Asia, specifically the Indian Ocean, is where India is located. Pakistan, China, Nepal, Bhutan, Bangladesh, and Myanmar are among its neighbors.
India has a large economy and numerous billionaires. However, it is challenging for the economy to provide adequate support for the nation's population due to its sheer size.
10. Thailand
Thailand is a kingdom in Southeast Asia at the center of the Indochinese Peninsula. They have a land area of 513,120 square kilometers and a population of 70 million people. Myanmar, Laos, Cambodia, the Gulf and Malaysia are among the neighbors.
A caste system exists in Thailand, with a select few owning hotels, industries, and agriculture. However, a significant number of people are living in poverty, and many of them either do not have any jobs at all or are content with the jobs they do have.
Conclusion
The societies of the majority of the nations with the lowest minimum wage have been marred by political issues, which have stifled economic expansion. They earn low wages because the job market is frequently not competitive due to a lack of economic development.
