The Poorest Countries in Europe. Since then, the economy has been improving but even in 2014, the GDP of Ukraine was yet to reach the historical maximum. Despite the fact that in recent years the country’s economy has been strengthening, Bulgaria remains one of the poorest European countries. During the Cold War, central and eastern European states came under the Soviet Union's control, forming COMECON (Council for Mutual Economic Assistance). The country has gradually improved its economy over the years with successful policies implemented by the government. Source-Wikipedia/List of European countries by GDP per capita/. Serbia is located at an intermediate position between Southeast and Central Europe. Bulgaria is a country located in southeastern Europe. Here, we present some of the poorest countries in Europe and the status of their economies. Bosnia and Herzegovina 6. Economic prosperity in Europe, however, varies significantly between countries. The country is a landlocked region located in the central Balkan Peninsula. Moldova is the second poorest country in Europe. Home to the colonial structures, several castles, beautiful architecture and Bucharest, sixth largest city in Europe, Romania is what you might call a surprise entry in the bid for the poorest country in Europe. However, in spite of the reforms, the country has a high unemployment rate of 27.3% as of 2015 and a high poverty rate. The Macedonia GDP reaches only 31 percent of the European average, making the country among the worst off in the continent. Despite these issues, Ukraine has managed to reduce absolute poverty and its poverty rate has decreased from 11.9% in 2000 to 2.3% in 2012. A country is classified among the Least Developed Countries if it meets three criteria: Poverty – adjustable criterion based on GNI per capita averaged over three years. Though the Ukrainian economy was the second largest in the Soviet Union, after the dissolution of the union, independent Ukraine made a major transition from a planned economy to a market economy which plunged a major section of the country into poverty. Additionally, Kosovo has an extremely high unemployment rate of 34.8% as of 2016, with a majority of families earning less than 500 Euros per month. Here are the 10 poorest countries in Europe. Like many other former Soviet republics, Belarus faced an economic crisis after the fall of the Soviet Union and the government of independent Belarus then adopted a way to overcome the crisis. It will take decades at best for Macedonia to … Additionally, gender and age discrimination cause large gaps in income, particularly for women. Europe is the world's second-smallest continent, spanning 10,180,000km² (3,930,000 square miles). However, things have improved in the past few years and the economy of Montenegro is gradually recovering. Sharing its boundaries with more than four countries, Afghanistan is located in the Central Asia and South Asia. Considered one of the lowly-developed European countries, Moldova depends largely on its agriculture sector. This country is located in southeastern Europe. 1.The poorest country in Europe is Moldova. The first non-African country on the list is Haiti, ranked 14th. For this reason, we have listed the 13 poorest countries in Africa. Top 10 Poorest Countries in Europe The top 10 list of the Poorest Countries in Europe is drafted on the basis of report given by the International Monetary Fund … As a member of the EU, Austria has attracted a lot of foreign direct investment and access to the European market. To determine the world’s most cash-poor countries, FindTheData, a world data site by Graphiq, ranked countries based on their on their gross domestic product (GDP) per capita, as reported by the World Bank in 2016. Ukraine had the second-largest economy in the USSR; however, after its collapse, Ukraine had difficulty transitioning into a market economy, sending much of the population into poverty. Despite being the poorest country in Europe, Moldova made recent progress, with the percentage of the population living below the national poverty line decreasing from 30.2% to 9.6% between 2006 and 2015. The country has a population of size 3.72 million and a workplace of 1.959 million. Moldova is the poorest country in Europe with a per capita GDP of $1,679. Since the early 1990s, the country’s economy has undergone a major shift from a Communist principle based one to an open-market economy. The unemployment rate in Europe is only around seven percent. Poorest Countries in Africa Poorest … Since then, however, the country has recovered higher than most Balkan countries but still the expansion of the economic system of Bulgaria continues to be weak. The poorest country in the European Union would be Bulgaria, with a GDP per capita (nominal) of 6.857 USD (2008 data, IMF) Another way is to look at the GDP per capita in PPP value (purchasing power parity) - even using this measure, the Republic of Moldova would be the poorest country with a GDP per capita PPP of 3.153 USD (2008, IMF). Moldova, currently the poorest Country in Europe – is one of the countries in the South Eastern region of Europe. With a per capita GDP of $2,639, Ukraine is the second-poorest country in Europe. Interestingly, countries listed below are not poorest you could call it economically low as the income far high comparing to the world’s poorest countries. By Oishimaya Sen Nag on October 22 2019 in Economics. After losing its primary market, the Soviet market, in the 1990s, the attempt to establish a democratic government and a free-market economy further destabilized Bulgaria's economy. The major objective of the newly formed Moldovian government was thus to stabilize the economy and recover the financial status of the country. Serbia's economy entered a recession in 2009, causing a negative growth rate of -3% in 2009 and -1.5% in 2012 that caused the country's public debt to double to 63.8% of its GDP. Remaining behind in the race, this country is ranked as the poorest country in the world. Macedonia has an open economy where trade accounts for 90% of the GDP in recent years. Have you ever wanted to see where not to live in Europe? The country also ranks among those where agriculture is lease practised. The top 10 list of the Poorest Countries in Europe is drafted on the basis of report given by the International Monetary Fund assessments are discussed below: Romania GDP per Capita: $9520 It is a sovereign state located at the crossroads of Central, Eastern, and South-eastern Europe. 8. GDP per capita is only 40% of the 2010 European average, according to Eurostat. With the European Debt crisis behind us, it appears some have recovered far better than others. Still, one might argue that even the poorest country in Europe doesn’t feature in the top 25 poorest countries in the world. List of the poorest countries in Europe. More than 731 million people living in 44 different countries are part of the economy of Europe. This is one of the 12 facts about poverty in Europe that reveals the enormous gap between wealthier and poorer countries in Europe. Natural disasters, such as floods and earthquakes, have also significantly slowed down any country's economic progress. The impact of the Yugoslav Wars and the decline of industry following the break-up of Yugoslavia accompanied with the loss of UN financial sanctions adversely affected the economy of Montenegro. The economy of Ukraine contracted severely, and people in the country struggled to live. After the 2008 declaration of independence, the economy of Kosovo exhibited a gradual improvement but still the disputed status of the region act as a barrier to quick economic growth. Enter your e-mail address: Follow Us: Negative growth rates of −3% in 2009 and −1.5% in 2012 resulted as a result of this economic crisis and Serbia’s public debt doubled in 4 years from 29.2% of GDP before the crisis to 63.8% of GDP after it. The country suffered a major economic setback after the breakup of the USSR. It has the largest territorial area in the whole continent as a whole country. As globe-makers we often get asked how we deal with political issues surrounding certain countries and if we have been asked by customers to add or takeaway cities or states. Here is the top 10 list of the poorest countries in Europe. The suffering economy once again was hit by the economic crisis of 2008. Most forecasts predict a recession, and best-case scenarios anticipate an economic contraction of 5 to 10 percent, inflation, and half a million unemployed. According to the recent reports, the unemployment rate in Georgia is 12.7% and around 11.50% of the population lives at … World War I and World War II damaged the European economy. After experiencing eight years of strong economic growth, the country’s economy entered a period of recession in 2009. Bulgaria is the poorest country in the European Union, with more than 41% of Bulgarians at risk of falling into poverty and almost 10% of Bulgarians being extremely poor. About 25% of Serbians are impoverished. After the USSR's disintegration in the 1990s, Albania shifted from a socialist economy to a capitalist market economy. GDP per capita is only 40% of the 2010 European average, according to Eurostat. The standard of living in the country reduced by 40% and began recovering only after 1998. That is why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity, which helps us take into account inflation rates and price of goods and services in each given place. The country’s rich natural resources have promoted the rapid economic development. The economy of Serbia was severely affected by the global economic crisis of 2008. The population of this country is around 16 million. Belarus ranks 7th among the poorest countries in Europe. Kosovo 4. Here the list, based on the per capita GDP (PPP), usually dividing the country’s total GDP by the population. 1. the poorest country in Europe is Moldavia with an average yearly income of $ 2.000 2. the poorest country in the EU is Romania with an average yearly income of $ 5.000 1. the poorest country in Europe is Moldavia with an average yearly income of $ 2.000 2. the poorest country in the EU is Romania with an average yearly income of $ 5.000 3 0 Kosovo is a fairly new country following its independence from Serbia in 2008. Eurostat ranked Macedonia as the third poorest country in Europe, with only Albania and Bosnia faring worse. Visiting the country would help give a good idea of how poor the country is. Its currency is the Moldovan leu. Find out the top 10 list of the Poorest Countries in Europe is drafted on the basis of report given by the International Monetary Fund assessments. While most of the countries of Europe are very well-developed and have GDP per capita higher than the world average, a few nations still need to perform exceedingly well to catch up with these European leaders. The least poor in Europe live in Switzerland and Norway where the poverty line exceeds 1,300 euros per month according to Euro-stat (2016 data, threshold at 60% of the median standard of living). Moldova. Its currency is the Moldovan leu. Despite being the poorest country in Europe, Moldova made recent progress, with the percentage of the population living below the national poverty line decreasing from 30.2% to 9.6% between 2006 and 2015. According to IMF methodology, GDP is expressed in current US dollars per person and the data is derived by first converting GDP in national currency to US dollars and then dividing it by total population. The actual purchasing power of any currency is the quantity of that currency needed to buy a specified unit of a good or a basket of common goods and services. Moldova is an Eastern European landlocked nation that is bordered by Ukraine and Romania. Again the same answer, the Moldova is the lowest GDP producing country in Europe. The country suffered a major economic setback after the breakup of the USSR. MEDIA . Bosnia and Herzegovina is located in the Balkan Peninsula. If so this list is for you. In the years before, Belarus had a strong economy and one of the highest living standards among Soviet republics. This helped them to rapidly improve their economies, while the COMECON countries were still struggling. Urban expansion and deforestation have eroded the country's natural resources, making it vulnerable to resource depletion. Internally displaced persons and refugees comprise about 50,000 of the population. Moldova. 540 euros in Portugal against 1,060 euros in Germany: the poverty lines, calculated according to the median standard of living in each country, vary widely in Europe. Ukraine is the poorest country in Eastern Europe and overall it is third. It shares its borders with Russia to the east and Poland to the west. List of sovereign states in Europe by GDP (nominal) per capita 2019. RT has attached a link to a saved copy of the original article by Texty.org.ua. The Macedonia GDP reaches only 31 percent of the European average, making the country among the worst off in the continent. Since then, however, the country has recovered better than most Balkan countries but still the growth of the economy of Bulgaria continues to be weak. The government introduced convertible currency, liberalized interest rates and prices, backed steady land privatization, removed controls on exports, and backed the privatization of lands to achieve this aim. Montenegro. The largest cause of poverty in Bosnia is its legacy of war. which country has the lowest GDP in Europe? 2.The poorest country in EU is Bulgaria. February 16, 2015 Bellerby & Co Globemakers Leave a Comment. Formerly, Belarus had a well-developed economy and one of the highest standards of living among the Soviet republics. Moldova is the poorest country in Europe, with a GDP per capita of $2,289. During the 1990s, a number of poor economic reforms, the abolition of autonomous institutions, reduced access to external trade and finance severely damaged the already weak economy of Kosovo. Moldova was once … About 30% of Kosovo's population falls below the poverty, meaning that about 550,000 people live in poverty. The main problem in Bulgaria is the corrupt political system which means that almost 30% of the country lives under the poverty line. Moldova is one of the poorest countries in Europe, with its economy relying heavily on agriculture. Corruption, bureaucratic red-tape, underdeveloped infrastructure and transportation are some of the problems prevalent in the country. Macedonia 7. Before the war and genocide, Bosnia was classified as a middle-income country, and after the conflict between 1992-1995, the country has not bounced back after over 20 years. It covers the total of 33, 670 square kilometers of Europe’s entire landmass. Moldova is the poorest country in Europe, with a GDP per capita of $2,289. Here are the Poorest Countries in Africa, Country with Highest Poverty Rate. Considered one of the lowly-developed European countries, Moldova depends largely on its agriculture sector. By 1999, the GDP of Ukraine fell to less than 40% of what it was in 1991. The poorest country in the European Union would be Bulgaria, with a GDP per capita (nominal) of 6.857 USD (2008 data, IMF) Another way is to look at the GDP per capita in PPP value (purchasing power parity) - even using this measure, the Republic of Moldova would be the poorest country with a GDP per capita PPP of 3.153 USD (2008, IMF). The country is bordered by Serbia, Croatia, and Montenegro. 8. Moldova is an Eastern European landlocked nation that is bordered by Ukraine and Romania. At its highest, the unemployment rate was 38.7%. The Black Sea lies to the east of the country. 10. This country is located in southeastern Europe. In a climate of political uncertainty and weak administrative capacity, the Moldovan economy faced energy shortages and trade obstacles. It will take decades at best for Macedonia to … Industries and manufacturing are the strongest economic sectors of the country. Albania has a GDP per capita of $4,537. After the collapse of the Soviet Union, communist rule fell in eastern Europe, and countries gradually joined the European Union: Today, the European Union economy is the second-largest economy in the world behind China. Despite having the highest GDP growth rate in Europe, Moldova is among its poorest states, and also has Europe's smallest GDP per capita. GDP per capita is $ 8,652. Montenegro's economy is small and relies upon energy industries. The poorest countries of Europe are usually those that were severely affected by the downfall of the Soviet Union. The price level adjustment factors, referred to as purchasing power parities, can also be used in comparison of countries' price levels. Its capital and largest city, Prague, boasts a population of 1.3 million, while other major cities include Brno, Ostrava and the beer- capital of Europe, Pilsen. Additionally, working-age men were the largest group to perish during the war, causing one-in-four households to be headed by women. The World Bank is able to rank the poorest countries in the world using GDP per capita based on purchasing power parity (PPP). Kosovo ranks third among the poorest countries in Europe. Albania 5. Latvia, also in northern Europe, has a … At the moment, Macedonia is considered the poorest country from the former republics of Yugoslavia. They are among the poorest in the country, with a poverty rate that is roughly six times higher than the average national poverty rate of 8.6%. The State Of Europe – Richest And Poorest Countries In The Continent ... Tourism makes about 9% of the Austrian GDP with the country earning $18.9 billion from the industry in 2007. Moldova 2. Although the DRC has abundant natural resources, unfortunately with a projected 2019 GDP per capita of USD 475, the country is in the unenviably position of being the poorest country in the world. Europe consists of many economically developed and some weak countries. Though the economy of Bosnia and Herzegovina has gradually recovered, a large trade deficit and a high unemployment rate of 38.7% are causes of concern. However, between 1991 and 1995, a profound economic crisis gripped the entire country. Ukraine is the second poorest country in Europe and it is also located in Eastern Europe. Though Europe is home to some of the richest countries in the world, there are some countries still struggling economically. 5 Herzegovina and Bosnia - GDP of $8,300 Herzegovina and Bosnia is a type of multi ethnic established country and is found in the Southeastern portion of Europe. List of Poorest Countries in Europe 1. One of the leading occupations is agriculture. The western European states linked their economies together, forming the beginnings of the European Union and increasing border trade. Although it is the fourth-poorest country in Europe, its economy is continually improving due largely to its rich natural resources, such as oil, natural gas, and minerals, including iron, coal, and limestone. Bosnia faces the dual challenge of rebuilding the war-torn country and recovering the economy, one of the poorest in Europe. Albania is a Southeast European nation bordered by Kosovo, North Macedonia, Greece, and Montenegro. Bulgaria’s economy experienced a major setback in the 1990s after the loss of the Comecon and Soviet market. That makes Ukraine the poorest country in Europe, behind Moldova ($3,226.717), Belarus ($6,020.043) and Russia ($10,950.492). Kosovo has a per capita GDP of $3,893, making it the third-poorest country in Europe. Most of its financials are derived from the funding from external sources. The article presents the name of the poorest country in Europe along with following other nine countries which make it to the top 10 list. North Macedonia's per capita GDP is $5,442. Despite the policies successfully implemented by the government, North Macedonia still has a high unemployment rate of about 16.6%. Country GDP: $3,093,647,227 Population: 11,179,000 Government type: Republic . Moldova is the fastest growing economy in Europe, but is also one of Europe's poorest countries, with the lowest GDP (nominal) per capita of any European state Monaco has the highest GDP (nominal) per capita of any European state Russia is the largest transcontinental European economy and will remain so … Moldova is a land-locked country in Eastern Europe and the poorest in Europe, with a GDP per capita of USD 2,289. Kosovo has a transition economy and was former Yugoslavia’s poorest province. Bulgaria is the tenth-poorest country in Europe, with a per capita GDP of $8,031. However, a strong banking system and low levels of economic debt and liabilities are the strengths of the economy of Kosovo. While the UK currently enjoys a relatively high ranking among Europe’s wealthiest countries, how it will fare after its planned withdrawal from the European Union in 2019 is still in question. There has been severe political unrest in recent years, as calls for President Joseph Kabila, who took power after the assassination of his father in 2001, reached a fever pitch in 2018. The only thing that remains is that the countries listed below aren’t as attractive for the potential immigrants all over the world as the rest of the Europe may be. As of 2018 [update] a country must have GNI per capita less than US$ 1,025 to be included on the list, and over $1,230 to … 4. Moldova which is a landlocked country located in South-Eastern Europe is the poorest with a GDP (PPP) per capita of 5,998 USD while Luxembourg is the richest with a GDP (PPP) per capita of 110,870 USD. The countries that were severely affected by the Soviet Union's downfall tend to be the poorest today. Chișinău is the capital city of the country. The nation shares its land borders with Romania, Serbia, Macedonia, Greece, and Turkey. 12. More than 40% of the population is living below the poverty line. Chișinău is the capital city of the country. Though the country was once prosperous, the political unrest in the 1990s led to a dramatic change in the economy of Bosnia. Trade accounts for about 90% of the country's GDP. GDP per capita is $ 9,267. After gaining its independence in 1991, North Macedonia went under dramatic economic change and has gradually improved its economy. France is above the European average with more than 35,000 euros on average. However, the Great Recession of 2008 struck the economy badly, and a 5.5% economic decline was experienced in 2009. The country is home to 30 airports and ranks in the sixth position of the poorest countries in all of Europe. The situation led to the contraction of the GDP of the country by 4%. The population of the country is around 33 million. According to the World Bank, the poverty rate has also steadily declined, however, the absolute number of people living in poverty has not due to the high growt… Montenegro. Values are expressed in current international dollars, to the nearest whole Moldova is a land-locked country in Eastern Europe and the poorest in Europe, with a GDP per capita of USD 2,289. Ukraine is one of the poorest countries in Europe because it has suffered many setbacks in recent years. Between 2006 and 2011, when many countries in Europe felt the effects of the recession, Belarus's expenditures among its bottom 40% of people increased. Europe is located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It has the lowest GDP as well. Ukraine 3. Country Rank IMF 2019 Rank WB 2016 Change Albania: 101: 5,323: 95: 4,147 10.5 Austria: 14: 50,380: 13: 44,177 7.0 Belarus: 88: 6,658: 88: 4,989 15.5 Belgium: 18: 46,237: 17: 41,096 6.0 Bulgaria: 73: 9,772: 71: 7,351 9.7 Bosnia and Herzegovina: 95: 6,015: 91: 4,709 9.3 Croatia: 44: 14,853: 56: 12,091 8.7 Cyprus: 28: 28,049: 32: 23,324 7.1 Czech Republic: 37: 23,539: 35: 18,267 10.3 Denmark: 9: 59,770 POOREST EU COUNTRIES (Below USD 30,000) Lithuania (29,881) Estonia (29,501) Portugal (28,515) It is a disputed territory and a partially recognized state. As of 2018, the per capita income in Ukraine is $2,963, making it the poorest country in Europe. It covers a total of 33, 670 square kilometers of Europe’s entire landmass. The separation proved to be in bad tastes in both of the countries which made them slump amongst the top 5 poorest countries in Europe. Most of the world's poorest countries have been plagued by civil wars and other forms of political instability. While the countries listed below may be the poorest in Europe, they are not necessarily on the list of the 20 poorest countries in the world. The poorest countries in Europe in 2020. The consistent Bulgarian presence in the poorest of the European countries has been an anomaly given the country’s strong non-Euro currency. To gauge how a country’s citizens are wealthy it is necessary to understand how much they are able to buy. The "IMF" column includes data for the year 2019 for members of the International Monetary Fund; The "World Bank" column includes data for the year 2016 from the World Bank; Data across columns are … Since then, however, the country has recovered higher than most Balkan countries but still the expansion of the economic system of Bulgaria continues to be weak. Some of Ukraine's continuing issues contributing to its poverty are government corruption, Russian aggression (specifically Russia's illegal seizure of Crimea in 2014), and weak infrastructure. It also has a coastline on the Ionian Sea and the Adriatic Sea. poorest country in Europe Places That Don’t Exist. It also shares a coastline with the Adriatic Sea. It is currently home to a total of more than seven million residents, with the majority of these people being Christians. The Poorest Countries In Europe 9/03/2020 ... is a few geopolitical time period used for grouping the three countries on the jap coast of the Baltic Sea in Northern Europe. Despite agriculture being the main occupation, the country still faces external debts. Serbia 8. Montenegro’s GDP per capita was only 41% of the average of the European Union in 2010 according to Eurostat. More than 40% of the land area of Belarus is covered by forests. The GDP of Romania took a severe hit during the 2008 financial crisis like many other European countries. Since independence, the country has undergone dramatic economic reform. GDP (Nominal) and GDP (PPP) per capita of European countries by IMF. It was a part of the Soviet Union and in the year 1991, it gained independence after the dissolution of the Soviet Union. Moldova. Rank in Europe Country US$ 1 The attempts to establish a democratic government and a free market economy in the country further destabilized the economy of Bulgaria. Finland – $46,342 GDP per capita. Only a few people are living above it. Though the wealth of the European nations vary widely, even the poorest countries of Europe are well above the poorest countries of the world. They only included members of the United Nations. The country earned its independence in 1991 as one of the successor states of the former Yugoslavia. Inflation gripped the country and in 1993, Ukraine became the world record holder for inflation in 1 calendar year. The countries where the inhabitants are the poorest are the countries of Eastern Europe (Romania, Hungary, Poland and the Czech Republic), Greece and Portugal. Despite this, West Wales is the poorest part of the UK and Wales gets the largest amount of EU funding. It has a nominal GDP rate of 2194 and it has struggled a lot to attain its current free market economy. Serbia's per capita GDP is $5,900. Part of the USSR, Moldova faced political instability, economic decline, trade obstacles, and other hardships following the Soviet Union's collapse in 1991. All maps, graphics, flags, photos and original descriptions © 2021 worldatlas.com, The Richest and Poorest Countries of Southeast Asia, The World’s Largest Oil Reserves By Country, Top Cotton Producing Countries In The World. Factors contributing to poverty in the country include lack of large-scale industrialization, food insecurity, economic collapse during the transition into a market economy, and errors in social policy, among other things. Kosovo is a partially recognized state that declared itself independent from Serbia in 2008. GDP per capita is $ 9,267. Thus, for instance, if a country's volume index is below 100, that country's level of GDP (or AIC) per capita is lower than for the EU-27 as a whole. Belarus is an Eastern European landlocked nation that is bordered by Poland, Ukraine, Lithuania, and Latvia. Though Albania is one of the poorest countries in Europe, the economy of the country is constantly improving. Currently, Moldova is the poorest country in Europe as per updated list 2020. In the list of the poorest countries in Europe, Georgia comes at number 4. Like other former Soviet republics, Belarus faced economic trouble following the disintegration of the USSR. GDP per capita is $ 8,652. Macedonia is a landlocked nation that is bordered by Serbia, Bulgaria, Greece, and Albania. Montenegro is a Southeastern European nation sharing its borders with Croatia, Bosnia and Herzegovina, Kosovo, Serbia, and Albania. Part of the USSR, Moldova faced political instability, economic decline, trade obstacles, and other hardships following the Soviet Union's collapse in 1991. Czech Republic – $37,546 GDP per capita The Czech Republic (or Czechia, as its known to its inhabitants) is a landlocked country situated smack bang in the middle of Europe. ten poorest countries in Europe 10-Bulgaria is located in the Southeastern portion of Europe and holds the spot as the 14th largest country in the entire continent. Tanzania’s economy has been very consistent over the last decade averaging between 6 and 7% growth every year. Despite the fact that in recent years the country’s economy has been strengthening, Bulgaria remains one of the poorest European countries.