As with humans, the fate of a nation can change depending on how its leadership or the condition of its resources are. As happened in some countries that used to be known to be prosperous but turned into poor countries.
Compiled from CNBC, here are some poor or low-income countries, even though they used to be rich countries. Which country, eh? Check out the list below.
Mali
This country located in Africa is a country with a world source of gold which was traded with traders from Egypt, Persia, Venice, and Genoa. However, now Mali is devastated. During the reign of the 16th century, Mali's power and wealth diminished and has not recovered to this day.
Today, most of the population depends on the seasonal agricultural sector and lives a simple life. In fact, the United Nations included Mali on the list of 47 countries with lagging development.
Iraq
The second country is Iraq. This country in the middle east is one of the fastest growing economies in the world. However, unfortunately it happened in the era of 1960-1970's. At that time, his income was generated from petroleum.
Iraq is the second largest producer in the world, as well as a member country of the Organization of the Petroleum Exporting Countries (OPEC). Plus, in those years, Iraq was also booming in its infrastructure, health care, and social services.
Since the continuous conflict with neighboring countries, the glory has faded. This is getting worse because of the controversy over the power struggle in the country.
Cuba
Cuba was once one of the countries with the highest Gross Domestic Product (GDP) per capita in America. This country also had recorded the highest number of car and telephone ownership, and participated in the booming sugar industry and tourism.
In addition, Cuba had also become a favorite location for rich Americans to gamble. Unfortunately, the economic inequality in the 1950s that got worse made people uncomfortable. The situation is getting worse due to repressive military rule, organized crime, drug trafficking, and prostitution.
Zimbabwe
Since 2000, Zimbabwe has gone from being the richest country to being the poorest to needing help. Zimbabwe experienced economic catastrophes ranging from extreme hyperinflation to recession that had a devastating impact on people's lives.
Previously in 1980, Zimbabwe was a country known for its natural wealth and has a reliable agricultural industry. The situation worsened in the 1990s until in 2000 then-president Mugabe decided to seize farmland belonging to another race. This policy has a bad impact because the land is not managed properly so that production continues to drop.
Nauru
In the 1970s Nauru was a rich country that profited from its phosphate reserves. These minerals are a key component of the fertilizer industry, which greatly helps the country's economy. The government and the people of Nauru had a chance to live a luxurious life.
Nauru has actually considered other alternatives when its phosphate reserves are running low. The government invests a number of funds in the hope of obtaining new sources of income. Unfortunately the funds were not managed properly, so Nauru fell into debt bondage. This condition was followed by the bankruptcy of the banking and telecommunications systems which had an impact on people's lives.
Venezuela
This country used to be not poor or in dire need of assistance. Unfortunately, Venezuela is very dependent on petroleum reserves so that 90 percent of the country's income depends on the mining industry.
As a result, Venezuela was badly affected when oil prices fell in 2014. The country is experiencing hyperinflation so that people are unable to meet their needs. As a result, there was a commotion at home, which was exacerbated by America's refusal to restructure Venezuela's debt.
Latvia
Previously, Latvia was a rich country in the plains of Europe, even exceeding Finland, Denmark, and the Soviet Union. This is because Latvia is rich in wood resources and agricultural products, so that the country is developed. But during World War II, Latvia was occupied by the Nazis and the Soviets, which made this country poor and left behind until now.