Poorest European Countries in 2020- Europe is the second smallest continent in the world, nonetheless, when talking about advanced and developed countries in the world, European countries cannot be swept aside. Also, Europe accommodates some of the richest countries in the world but our focus is not on as we shift our attention to the Poorest European Countries. This connotes that despite the advancement and development sweeping across several countries in Europe, we can still find traces of some countries still struggling economically and are ravished by poverty. As such, this article is centered on the Top 10 Poorest European Countries 2020 and all you need to know about them.
In our quest to bring you most informative information and updates, here are our researched questions that we notice most readers are always inquisitive to know, if your question is among any of these, then be rest assured we will be writing on them here in this article, all we have requested of you is to follow us step by step as we bring you the most informative data on the Top Poorest European Countries 2020.
- Top Poorest European Countries
- Top Poorest European Countries 2019
- Poorest European Countries
- Poorest Countries In Europe
- Poorest Countries In Europe
- Poorest Countries In The Eu
- Poorest Countries In Eastern Europe
- Poorest Countries In European Union
- Poorest Eastern European Countries
- Poorest European Union Countries
So, let us take a roll on this quickly.
TOP 10 POOREST EUROPEAN COUNTRIES 2020- ALL YOU NEED TO KNOW
Below is a quick view of the countries enlisted as the Poorest European Countries in 2020.
- Moldova
- Ukraine
- Kosovo
- Albania
- Bosnia and Herzegovinian
- Republic of Macedonia
- Serbia
- Belarus
- Montenegro
- Bulgaria
There you have the Poorest European Countries base on their GDP per Capita.
DO YOU KNOW THE Poorest European Countries FOR 2020?
- #1. Moldova
- GDP Per capita: $1843
Moldova is located in Eastern Europe and it’s a landlocked nation that is bordered by Ukraine and Romania occupying the first spot on our list as the Poorest European Country. This is attributed to the fact that the country suffered a major economic relapse after the breakup of the Soviet Union. Another challenge causing disability in the country’s economy is the climate of political uncertainty as well as weak administrative capacity which has led the Moldovan economy to face energy shortages and trade obstacles. The country is regarded as one of the lowly developed countries in Europe and its major economic activities are agriculture. In the bid to combat poverty in the country, the Moldovan government introduced liberalized interest rates and prices, convertible currency, removed controls on exports, backed steady land privatization, and backed the privatization of lands so as to achieve their aim.
- #2. Ukraine
- GDP Per capita: $2,115
Surprisingly, one would not have expected to see Ukraine occupying the second spot of Poorest European Countries. However, the economy of Ukraine used to be the second largest in the Soviet Union, unfortunately, after the dissolution of the union, Ukraine made a major transition from a planned economy to a market economy which plunged a major section of the country into poverty. Even Ukrainians that reside in rural areas work extraordinarily hard and engage in more than one job to be able to meet up with daily and longtime needs. Some of the challenges that prevalently confront the Ukrainian economy includes Corruption, underdeveloped infrastructure, bureaucratic red-tape, and transportation. The country however just recently concluded their general election seeing them electing a political novice Volodymyr Zelensky and the incumbent president Petro Poroshenko admits defeat.
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- #3. Kosovo
- GDP Per capita: $3,553
The Republic of Kosovo is a landlocked country located in the central Balkan Peninsula and one of the less influential countries in Europe. After Kosovo declared independence from Serbia in 2008, the economy of Kosovo exhibited a gradual improvement. However, a strong banking system and low levels of economic debt and liabilities still remain the strengths of the economy of Kosovo. In addition, the country depends on funds generated by its wealthy citizens working in other European countries that are wealthy. Though the country may poise economic development, it still suffers from insufficient internal contributions to the national economy.
- #4. Albania
- GDP Per capita: $3,965
Albania is a country located on Southeastern Europe’s Balkan Peninsula and shares a border with other countries such as the Republic of Macedonia, Greece, and Montenegro. Albania is rich in natural resources but still among the Poorest Countries in Europe, fortunately, its economy is constantly improving. The country’s major economic activity is agriculture. With a GDP of $4,538, it occupies the fourth spot on our list. The Albanian government has looked up to the World Bank and other Organizations to seek financial aids so as to meet some of the crucial needs of the country as well as improve the economic activities in the country.
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- #5. Bosnia and Herzegovinian
- GDP Per capita: $4,197
Bosnia and Herzegovina is a country located in the region of the Balkan Peninsula in southeastern Europe. Its countryside is home to medieval villages, rivers, and lakes, plus the rocky Dinaric Alps. The country shares a border with Serbia, Croatia, and Montenegro and shares a coastline with the Adriatic Sea. Bosnia and Herzegovina are faced with a dual challenge of rebuilding the war-torn country and recovering the country’s economy, making it one of the Poorest European Countries in the World. More so, the country suffers from a high unemployment rate of 38.7% are causes of concern despite having rich mineral resources including metal that can be mined. Bosnia’s economy started facing a decline in the 1990s due to political unrest which led to a dramatic change in the economy. This saw the country’s GDP to nosedive 60% during this period, and the destruction of the country’s physical infrastructure devastated its economy.
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- #6. Republic of Macedonia
- GDP Per capita: $4,857
Moving to the second half of the list on the sixth spot in the Republic of Macedonia located in the Balkan Peninsula in Southeast Europe. It became a Republic after gaining independence in 1991 from the states of the former Yugoslavia. Since it became an independent state, the country has undergone drastic economic reform. Over the years, Macedonia has gradually improved its economy with successful policies implemented by the government. Macedonia has an open economy and which trade is responsible for 90% of the GDP in recent years. However, Macedonia is likely to encounter significant economic boost soonest because of the steady government of the country and poise to attract investors from wealthy European countries like the United Kingdom and Germany.
- #7. Serbia
- GDP Per capita: $5,143
Serbia is a landlocked country that is bordered by Romania, Hungary, Macedonia, Bulgaria, Montenegro, Croatia, and Bosnia-Herzegovina. Sitting at the seventh spot with a GDP per capita of $5,726. Serbia’s economy was severely affected by the global economic crisis of 2008. After experiencing robust and strong economic growth for eight years, it entered a period of recession in the year 2009. Nonetheless, the country still has a bright chance of getting out of the economy struggling countries in Europe as seen in its current rapid economic progress. Currently, Serbia is attracting foreign investors some of which are Coca-Cola, US Steel, and Nestle that are committed to expanding their business tentacles across the country.
- #8. Belarus
- GDP Per capita: $5,740
Belarus land area of over 40% is covered by forests. The country’s industries and manufacturing sectors contribute 23.4% and the service industry contributes 66.8% being the strongest economy. However, Belarus had a well-developed economy and has one of the highest standards of living among the Soviet republics. Unfortunately, Belaru’s decline in the economy began after the breakup of the Soviet Union, since then the government Belarus adopted several methods to overcome the crisis. Happily, since 1996, the country has been experiencing a rise in its economy.
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- #9. Montenegro
- GDP Per capita: $6,415
Montenegro is suffering from the impact of the Yugoslav Wars and the decline of the industry due to the separation of Yugoslavia which led to the loss of United Nations financial sanctions that adversely affected the country’s economy. However, Montenegro’s economy grew to be a steady economy until the global recession of 2008 that struck the country badly. However the country is fast recovering with high activates in major sectors such as steel and aluminum production, agricultural processing, consumer goods, and tourism been the most important of them all.
- #10. Bulgaria
- GDP Per capita: $6,819
Bulgaria closes the curtain on our series of Poorest European Countries. The country is located in southeastern Europe and shares borders with Romania, Serbia, Macedonia, Greece, and Turkey. Despite Bulgaria currency considered as the most powerful non-euro currency in Europe’s Eastern region, it is found to occupy the tenth spot on our list. This is attributed to the fact that one-fourth of the country’s population is living below the poverty line. Bulgaria government’s attempt to establish a democratic government and a free-market economy further destabilized the economy of Bulgaria. The country, however, has recovered better than most Balkan countries since it was struck by the recession in 2008. Though Bulgaria’s economy still continues to grow weak.
EUROPEAN COUNTRIES AND REGION 2020- FULL INFORMATION
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Conclusion on Top 10 Poorest European Countries 2020- All You Need To Know
Unsurprisingly, the poorest European countries are still well to do above the poorest countries in Africa, Asia, and South America. The Poorest Countries of Europe are typically those countries that were heavily affected by the downfall of the Soviet Union. Below is the list of the Poorest European countries 2020.
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