These 5 Countries Used to Be Poor But Now Are Rich, How Can They Rise Up?

According to IMF data (International Monetary Fund), the first rank of the richest country in the world in 2023 is held by Luxembourg. Following in the next ranking, there are countries such as Ireland, Switzerland, to Norway. These countries are known as prosperous regions, as evidenced by their very large GDP per capita.

But believe it or not, several countries that are currently known to be wealthy have also experienced difficult times, beauties. But for a reason, they managed to rise and become the most prosperous region in the world.

Which countries that used to be poor are now rich? Here’s a list compiled from the page The Richest.

1. Norway

In the 19th century, Norway was a poor country where most of its citizens worked as farmers and fishermen. As a result, many residents decided to migrate to the United States. However, everything changed when the government began to develop hydropower in the 20th century. New jobs began to be created so that GDP increased rapidly.

But in the 1930s, there was a recession due to World War II. Fortunately, Norway has financial assistance from the US. Until 1969, an oil mine was discovered in the North Sea which then changed everything. Production and processing processes began in 1971, and now Norway is one of the most prosperous countries in the world.

2. Qatar

The hosts of the 2022 World Cup are one of the poorer gulf countries of the early 20th century. When it became a British protectorate in 1916, Qataris made their living as fishermen and pearl divers. They have to really work hard to get a decent life.

Quoted from the page Love Moneyhopes began to emerge after the discovery of oil mines in 1940. Unfortunately, exploration was stopped due to World War II and only started again in 1949. In the 1950-1960s, this Middle Eastern country began to experience economic acceleration.

In 1971, Qatar gained full independence from Britain, and began reaping the benefits of two decades of oil extraction. World oil prices had fallen in 1980 to 1997, but then improved towards the 2000s and brought this country to prosperity until now.

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