By Massoud A. Derhally
Poverty level makes it one of the poorest countries in the world, says World Bank
Nearly half of Yemen’s population, about 47 percent, lives on less than $2 a day while the poverty level in the country makes it one of the poorest in the world.
Rural poverty levels in the country are estimated at about 50 percent, according to the World Bank, which estimates that Yemen’s population will more than double to 50m people by 2035.
The country, which has seen a wave of attacks by militants on its oil pipelines, will probably run out of oil in about 11 years at its current production levels.
Oil accounts for about a third of the country’s gross domestic product and makes up about 75 percent of the government’s revenue and 90 percent of the country’s exports.
The country’s economy is expected to grow about 4.1 percent this year after contracting 1.9 percent in 2012 while inflation is forecast to drop to 12.7 percent from 15 percent a year earlier, according to International Monetary Fund figures.