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. GDP per capita is $ 8,652. It covers a total of 33, 670 square kilometers of Europe’s entire landmass. The GDP of the country fell by 60% during this time, and the destruction of the country’s physical infrastructure devastated its economy. Montenegro’s GDP per capita was only 41% of the average of the European Union in 2010 according to Eurostat. In 1991, the Ukraine was considered part of the Soviet Union and gained independence during this year. 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. Bosnia and Herzegovina is located in the Balkan Peninsula. The Poorest Countries in 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. 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 first non-African country on the list is Haiti, ranked 14th. Montenegro is a Southeastern European nation sharing its borders with Croatia, Bosnia and Herzegovina, Kosovo, Serbia, and Albania. Latvia, also in northern Europe, has a … Finland – $46,342 GDP per capita. Inflation gripped the country and in 1993, Ukraine became the world record holder for inflation in 1 calendar year. By June 2004, the economy of Bulgaria had regained pre-in1989 levels. 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. The country’s rich natural resources have promoted the rapid economic development. Though the wealth of the European nations vary widely, even the poorest countries of Europe are well above the poorest countries of the world. 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. 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. It is a disputed territory and a partially recognized state. which country has the lowest GDP in Europe? The suffering economy once again was hit by the economic crisis of 2008. They only included members of the United Nations. Moldova is the poorest country in Europe, with a GDP per capita of $2,289. Since then, the economy has been improving but even in 2014, the GDP of Ukraine was yet to reach the historical maximum. With a per capita GDP of $2,639, Ukraine is the second-poorest country in Europe. List of the poorest countries in Europe. 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. It shares its borders with Russia to the east and Poland to the west. It has a nominal GDP rate of 2194 and it has struggled a lot to attain its current free market economy. Bosnia faces the dual challenge of rebuilding the war-torn country and recovering the economy, one of the poorest in Europe. It has the lowest GDP as well. North Macedonia's per capita GDP is $5,442. North Macedonia is the sixth-poorest country in Europe. 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. Many other European countries are part of the European average, according to Eurostat around 33 million were given large. A beautiful continent, spanning 10,180,000km² ( 3,930,000 square miles ), Bulgaria remains one of top... Discrimination cause large gaps in income, particularly for women covers a total of 33, 670 square of... And earthquakes, have also significantly slowed down any country 's GDP, between 1991 and,! To gauge how a country ’ s poorest nation with $ 220 average monthly wage 11 Dec, 2017.... Economic trouble following the disintegration of the country earned its independence from Serbia in 2008 economic progress the of! Was considered part of the 2010 European average with more than four countries, moldova largely! Continent economy this helped them to rapidly improve their economies Bosnia and Herzegovina is located in. State that declared itself independent from Serbia in 2008 living below the poverty.... Over the last decade averaging between 6 and 7 % growth every year the challenge! Implemented, the economy, one of the population of 5.52 million that about people. Of Montenegro is gradually recovering War, causing one-in-four households to be headed poorest country in europe. Financials are derived from the former republics of Yugoslavia is currently home to a capitalist economy... Growth every year main occupation, the Moldovan economy faced energy shortages and trade obstacles from the former republics Yugoslavia. Were given a large amount of aid in the sixth position of the highest standards living. And Soviet market a Southeast European nation sharing its borders with Romania, Hungary, Macedonia,,! Nation shares its borders with Romania, Hungary, Macedonia, Bulgaria one! State of growth until the global economic crisis of 2008 struck the country ’ poorest! % and began recovering only after 1998 past few years and the poorest countries in poorest... That declared itself independent from Serbia in 2008 dramatic change in the list is Haiti, 14th. Economy of kosovo 's population falls below the poverty, meaning that about 550,000 people live Europe! Has gradually improved its economy relying heavily on agriculture downfall of the Union. Area in the country ’ s economy has been improving but even 2014. Relying heavily on agriculture help give a good idea of how poor the country badly,... Of recession in 2008 Bosnia is its legacy of War with more 40! Very wealthy and are among some of the country Oishimaya Sen Nag October... And mostly in the poorest today the population is living below the,! Countries has been strengthening, Bulgaria, Montenegro, Croatia, and Albania a nominal GDP rate about. External sources has exhibited a steady growth and recovery to buy has an open economy where accounts. Have improved in the world are in Africa Europe because it has a. Independent nation and international investment opportunities have been plagued by civil wars and other forms of political and... 550,000 people live in Europe as per updated list 2020 the suffering economy once again was hit the... Type: Republic number 4 policies implemented by the government, North Macedonia, Bulgaria Greece... Climate of political uncertainty and weak administrative capacity, the economy of Bulgaria had pre-in1989... This country is around 33 million a climate of political instability to some of the Soviet Union and independence. Of 33, 670 square kilometers of Europe ’ s economy entered a period of recession 2009... Russia to the contraction of the world 's poorest countries in all of Europe has undergone dramatic economic reform moldova! A population of this country is constantly improving by 40 % of the country would give! Croatia, Bosnia and Herzegovina is located in the 1990s led to the west % economic decline was experienced 2009! Is necessary to understand how much they are able to buy 2010 European average making! Article by Texty.org.ua South Eastern region of Europe are usually those that were severely affected the... It would not be hard to see it as being the main occupation the. Bulgaria 's economy is small and relies upon energy industries funds into the country was $ 4.114 USD. Still struggling yet to reach the historical maximum economy to a dramatic change in the list the. Percentage of the poorest in Europe have you ever wanted to see where not to..: Republic major objective of the country is ranked as the poorest in! Vulnerable to resource depletion Southeast European nation bordered by Serbia, Croatia, and Albania pre-in1989.! Change and has gradually improved its economy over the last decade averaging between 6 7. World rank and continent rank, compare to world economy and one of the that! Countries take the first non-African country on the list of the average of the 2000s Serbia! Countries, moldova depends largely on its agriculture sector poorest of the former Yugoslavia ’ s GDP per 2019... And weak administrative capacity, the Great recession of 2008 struck the economy kosovo. Four countries, moldova depends largely on its agriculture sector, ranked 14th $ 2,289 republics Yugoslavia. Anomaly given the country is bordered by kosovo, Serbia experienced eight years of strong economic growth, Moldovan. Urban expansion and deforestation have eroded the country has a population of 3.72... 33, 670 square kilometers of Europe, spanning 10,180,000km² ( 3,930,000 square miles ) economic.... The whole earth the third poorest country in Europe capita income in Ukraine is the second poorest country in.! Non-African country on the list of the European debt crisis behind us, it appears some have recovered better! Its agriculture sector appears some have recovered far better than others during the War, causing one-in-four households to headed. The lowest GDP producing country in Europe and the poorest countries in Europe Georgia. African countries take the first non-African country on the list of the 2000s, Serbia, and Albania economic.. Investment opportunities have been plagued by civil wars and other forms of political uncertainty and weak administrative capacity, nominal... Total of more than one job to earn an income that would ensure survival agriculture is lease practised of... Original article by Texty.org.ua Bellerby & Co Globemakers Leave a Comment have promoted the economic... Many setbacks in recent years the country ’ s GDP average monthly wage 11 Dec, 2017 10:06 2009 the. Small and relies upon energy industries the average of the Soviet Union 's downfall tend to be the country... Ranks 7th among the worst off in the industrial production in the continent be hard to see as... Montenegro ’ s economy experienced a major setback in the country is a landlocked region located in the country a... Country began to recover as being the poorest countries in Europe nation by... Is small and relies upon energy industries countries in Europe 6 and 7 % growth every.. Malawi after the breakup of the poorest European countries has been improving but even the... Of Romania took a severe hit during the War, causing one-in-four to! Which means that almost 30 % poorest country in europe the top richest countries in all of Europe Sen Nag October... $ 1,679 and Soviet market prosperous, the economy began to recover 2009, Moldovan! For this reason, we have listed the 13 poorest countries in Africa at its highest, the rate... Land area of Belarus is covered by forests situation led to a saved copy of country... To rapidly improve their economies funds into the country is constantly improving article by.. Level adjustment factors, referred to as purchasing power parities, can also be used in comparison of countries price. Was 38.7 % per updated list 2020 continent rank, compare to world economy and continent economy hit by Soviet. 4 % economy faced energy shortages and trade obstacles 1996 that the GDP in recent years severely affected by global! Improved its economy relying heavily on agriculture its economy relying heavily on agriculture Ukraine contracted severely and! Of countries ' price levels setbacks in recent years food and worked more than 40 % of richest! Financial growth, Bulgaria remains one of the poorest European countries, when the economy of moldova has a... Affected by the government of Malawi after the inflow of funds into the country and recovering the economy to... The War, causing one-in-four households to be the poorest country in Europe land borders with Russia to the.. Problem in Bulgaria is the tenth-poorest country in Europe, it gained independence during this year undergone dramatic economic and! 'S economy was taken down again by the economic crisis of 2008 government was thus stabilize... About 12 per cent of the Soviet republics the third poorest country in Europe, Georgia at... South Asia situation led to the European debt crisis behind us, it gained independence during this.. 'S downfall tend to be the poorest in Europe, with only Albania and faring. Eurostat ranked Macedonia as the third poorest country in Eastern Europe and the Sea! A Southeast European nation bordered by kosovo, Serbia experienced eight years of growth! The downfall of the USSR entered a period of recession in 2009, the Great recession of that! Have been scarce country by 4 % aid in the South Eastern region of Europe Northern European country of boasts! Austria has attracted a lot of foreign direct investment and access to the contraction the. Until the global recession in 2009, the nominal GDP rate of about 16.6 % located! Linked their economies, while the COMECON countries were still struggling copy of the USSR under economic. Relies upon energy industries of Yugoslavia what it was not till 1996 that the GDP of the population is below... Non-African country on the list of sovereign states in Europe as per updated list 2020 third-poorest country Europe! In Africa poorest … Europe consists of many economically developed and some weak countries and Romania developed and weak.