UNITED STATES (OBSERVATORY NEWS) — More than 731 million people live in Europe. In our country, it is customary to associate Europe with wealth and a high standard of living, but this is not always the case.
Along with rich and prosperous countries, in Europe there are also states whose population lives quite modestly.
Below we will talk about the 9 poorest countries in Europe. The rating is based on IMF data on GDP per capita.
GDP per capita is $ 9,267. This country is located in southeastern Europe. Despite the fact that in recent years the country’s economy has been strengthening, Bulgaria remains one of the poorest European countries.
GDP per capita is $ 8,652. GDP per capita is only 40% of the 2010 European average, according to Eurostat. The country’s economy grew at a fairly high rate until 2008, when the financial crisis began, which seriously hit the country. Nevertheless, in recent years the situation in Montenegro has been gradually improving, experts say.
GDP per capita is $ 7,243. This country has been hit hard by the 2008 financial crisis. Prior to this, the country has experienced significant economic growth for eight years, but since 2009, the country’s economy has been in a recession. This led to an increase in public debt to 63.8% of GDP.
GDP per capita is $ 6,306, according to the IMF for 2018. Industry is the strongest sector of the country’s economy. IMF experts note factors such as reduced investment, lower levels of imports, as well as lower demand – all of them, in their opinion, have led Belarus to be considered one of the poorest countries in Europe.
5. Northern Macedonia
GDP per capita is $ 6,100. Macedonia is characterized by an open economy, the basis of which (90% of GDP) is trade. In recent years, the situation in the country has been improving, however, despite the reforms and measures taken by the government, the level of unemployment and poverty is still high.
4. Bosnia and Herzegovina
GDP per capita is $ 5,674. A country that survived the war in the 90s of the 20th century. Currently, authorities are trying to rebuild the country after hostilities. Despite all the measures taken, there is a high unemployment rate, and the standard of living is one of the lowest in Europe.
GDP per capita is $ 5,289. Although this country is one of the poorest in Europe, its economy is gradually improving. So, soon the situation may change, and the country will cease to appear in this rating. The country has enough natural resources to enable it to develop economically.
GDP per capita is $ 3,218. The government is trying to introduce measures that will allow the economy to show growth. Despite these measures, the country remains one of the poorest in Europe.
GDP per capita, according to the IMF, was $ 2,963 in 2018. The country is going through very difficult times. Corruption, bureaucratic obstacles, poorly developed infrastructure and transportation – these problems are highlighted by IMF experts, noting that they prevent the country from developing.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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