With a total size of 10,180,000 square kilometers, Europe is the second smallest region in the globe (3,930,000 square miles). Europe is made up of 44 nations. Throughout World War, I and World War II, Europe’s economy suffered a lot. During the cold war, several Central and Eastern European nations bowed to Russian pressure and joined COMECON (Council for Mutual Economic Assistance). Most of the other free-market nations got significant assistance from the United States. Many nations in Western Europe joined together and created the European Union to unite their economies, boosting cross-border commerce and improving economic conditions, whereas the COMECON members continue to struggle.
Top 10 European Poorest Countries
Europe’s economy is the world’s biggest and one of the wealthiest regions as assessed by managed assets. According to the latest Monetary Fund assessment report, Capita’s GDP is US$21,767. In this article, we offer the top ten list of European poorest countries based on a report of the evaluations of the International Monetary Fund.
Europe is a region completely situated in the Northern and Eastern Hemisphere. It borders on the northern Arctic Ocean, the western Atlantic Ocean, and the southern Mediterranean Sea. It comprises Eurasia’s westernmost portion. The continent’s economy is the biggest in the world and is one of the wealthiest areas in terms of its assets. According to the recent estimate of the International Monetary Fund, per capita GDP is US$21,767.
Moldova – PIB 1. $3,300 Per Capita.
Moldova has officially named the Republic of Moldova, with a GDP of just $3,300 per capita, the poorest nation in Europe. Moldova shares its Romania-Ukraine border. Moldova, a former member of the Soviet Union, had to confront the fast decline of the economy and its people suffered serious financial difficulty after the fall of the Soviet Union in 1991.
There are several reasons, such as social policy mistakes and food insecurity, which led to the reduction in agricultural and industrial production. The services sector grew more later and now accounts for nearly 60% of the nation’s GDP, which contributed to reducing the proportion of people living in extreme poverty in the last twenty years.
Ukraine – BIP Ukraine $3,425 Per Capita.
Ukraine is really the second smallest country in Europe with a $3,425 per capita GDP. Ukraine, which was the 2 economies of the USSR before, but fell into recession after the U.S.S.R. fall. Ukrainians face severe problems such as government corruption, Russian aggressiveness, and inflation that have driven many people into poverty. Ukraine has the Euro region’s third-largest military behind Russia and France. The entire area of Ukraine is 603,628 km2 (233,062 sq mi)
Kosovo – PIB Kosovo $5,020 Per Capita.
Kosovo is formally known as the Kosovo Republic, a partially recognized state with a GDP of $5,020 per capita. Kosovo is third on the list of the poorest nations in Europe, where 1/3 of the population of the country falls below poverty. It means, in absolute terms, 550,000 lives in hardship earning less than EUR 500 a month. Kosovo has a very high level of unemployment of more than 30% by 2020, which is anticipated to decrease in the years ahead since in recent years the growing nation is experiencing economic growth.
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Serbia Capital GDP: $5820
It is a sovereign nation situated in the southern Paleocene plain and central Balkans, at the intersection of Central or Southeast Europe. In the topmost income level, it has a developing market economy.
GDP Per Capita Of The Republic Of Macedonia: $5150
It is situated on Southeast Europe’s Balkan peninsula. It ranks fourth out of 178 nations evaluated by the World Bank in 2009 as the best-reforming state. In recent times, the nation has established an expanding economy with more than 90 percent of GDP represented by commerce.
Albania GDP Per Person $5.373 Per Capita
Albania also known as the Kingdom of Georgia has a GDP of $5,373 per capita. After the USSR’s breakup in the 1990s, Albania was in the transformation from a socialist to a free market economy. Albania is rich in resources such as oil and gas, iron, coal, and calcareous material that help boost the economy of Albania. Albania, which has a region of 28,748 km2 (11,100 mi2) is increasingly governed by the service and industrial industries in a growing nation.
GDP Per Capita Of North Macedonia $6,096
North Macedonia, which became independent in 1991, ranks sixth among Europe’s poorest nations. North Macedonia, with a per capita GDP of 6.096 dollars, has lately seen a dramatic shift in its economy. Trade accounts for almost 90% of the country’s GDP. Despite the changes effectively executed by the Government of North Macedonia, the unemployment rate remains about 16.6 percent. Northern Macedonia at one point had the highest incarceration rate of 38.7%.
GDP Of Bosnia-Herzegovina $6,536 Per Capita.
In Bosnia, the only major reason for poverty is its war history. Bosnia had a well-doing economy until the 1992-1995 war between Bosnia and Herzegovina, commonly known as the Bosnian War, began. It took the nation two decades to return to normality. During the conflict many males perished in the fight, leading one-fourth of Bosnian families to women. There is a pay discrepancy where women received less than males, which led to poverty for many families.
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9 $6,306 Belarus
Belarus is a landlocked country in Eastern Europe, bordering Poland, Ukraine, Latvia, and Lithuania. More than 40% of Belarus’ land area is covered by woods. Industries and manufacturing are the country’s most powerful economic sectors. Belarus is seventh among Europe’s poorest nations. Belarus, like many other ex-Soviet republics, experienced an economic crisis following the collapse of the Soviet Union as well as the independent Belarus administration then took a path to overcome the problem. Belarus once had a sophisticated industry and is one of the best living standards among the Socialist republics. During 1991 and 1995, however, the whole nation was affected by a severe economic catastrophe. Reduced imports, investment, and consumption led to a decline in the country’s industrial output. Not until 1996 did the country’s GDP begin to improve.
10 North Macedonia – 6,100 Dollars
North Macedonia is among Europe’s poorest nations. The nation became independent in 1991 as one of the former Yugoslavia’s successor republics. Macedonia is a small nation bordering Serbian, Bulgarian, Greek, and Albanian borders. The nation has experienced significant economic reforms since independence. Over the years, the nation has progressively strengthened its economy via effective government initiatives. Macedonia has had an expanding economy in the last several years where trade contributes for 90% of GDP. Despite the changes, however, the nation has high youth unemployment of 27.3% in 2015 and an increase in poverty. 72 percent of the country’s population reported having difficulties managing their living standards.
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