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Top 10 Poorest Countries in Europe

The economy of the Europe is largest on the globe and also one of the richest regions as measured by assets under management. The GDP per capita is US$21,767 according to the latest report of International Monetary Fund assessment. In this article, we are giving the top 10 list of the Poorest Countries in Europe is drafted on the basis of report given by the International Monetary Fund assessments.
Sep 27, 2018 16:16 IST
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Top 10 Poorest Countries in Europe
Top 10 Poorest Countries in Europe

Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west and the Mediterranean Sea to the south. It comprises the westernmost part of Eurasia.

The economy of the continent is largest on the globe and also one of the richest regions as measured by assets under management. The GDP per capita is US$21,767 according to the latest report of International Monetary Fund assessment.

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 assessments are discussed below:

10. Romania       

GDP per Capita: $9520

It is a sovereign state located at the crossroads of Central, Eastern, and South-eastern Europe. It is a developing country and ranks 52nd in the Human Development Index. It has the world's 47th largest economy by nominal GDP.

9. Bulgaria

GDP per Capita: $7620

It is a Balkan nation with diverse terrain encompassing Black Sea coastline, a mountainous interior and rivers, including the Danube. It has an open, upper middle income range market economy where the private sector accounts for more than 70% of GDP.

8. Montenegro    

GDP per Capita: $7320

It is located in the South-eastern part of Europe on the Adriatic Sea. It has service-based and is in late transition to a market economy.

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7. Serbia    

GDP per Capita: $5820

It is a sovereign state situated at the crossroads of Central and Southeast Europe in the southern Pannonian Plain and the central Balkans. It has an emerging market economy in upper-middle income range.

6. Republic of Macedonia     

GDP per Capita: $5150

It is located in the Balkan peninsula of Southeast Europe. It has ranked as the fourth "best reformatory state" out of 178 countries ranked by the World Bank in 2009. In recent years, the country has developed an open economy with trade accounting for more than 90% of GDP.

5. Bosnia and Herzegovina   

GDP per Capita: $4760

It is located in the South-eastern part of Europe. It had started with the dual-problem of rebuilding a war-torn country and introducing transitional liberal market reforms to its formerly mixed economy. Recently, it has displayed positive progress in the previous years, which decisively moved its place from the lowest income equality rank of income equality rankings fourteen out of 193 nations.

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4. Albania  

GDP per Capita: $4450

It is located in South-eastern part of Europe. The economy of this country is transformed from socialist planned economy to a capitalist mixed economy. it has the 4th lowest unemployment rate in the Balkans region and its largest trading partners are Italy, Greece, China, Spain, Kosovo and the United States.

3. Kosovo  

GDP per Capita: $3990

This is a partially recognised state and disputed territory in South-eastern Europe that declared independence from Serbia in February 2008. The economy of this country is a transition economy.  Without foreign assistance, growth of GDP of the country averaged over 5% a year. This was despite the global financial crisis of 2009 and the subsequent Eurozone crisis. Additionally, the inflation rate has been low. The most economic development, has taken place in the trade, retail and construction sectors.

2. Ukraine 

GDP per Capita: $3560

This is a sovereign state in Eastern Europe. In Soviet times, the economy of Ukraine was the second largest in the Soviet Union, being an important industrial and agricultural component of the country's planned economy. With the disintegration of the Soviet Union, the country moved from a planned economy to a market economy. The transition was difficult for the majority of the population which plunged into poverty.

1. Moldova

GDP per Capita: $2560

It is a landlocked country in Eastern Europe which is bordered by Romania to the west and Ukraine to the north, east, and south of the disputed territory of Transnistria.

This was part of USSR but after the disintegration of USSR in 1991, energy shortages, political uncertainty, trade obstacles and weak administrative capacity contributed to the decline of economy. In order to boost the country's economy, the government had introduced a convertible currency, liberalized all prices, stopped issuing preferential credits to state enterprises, backed steady land privatization, removed export controls, and liberalized interest rates.

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Top 10 Poorest Countries in Europe

Name of Country

GDP per Capita

1. Moldova

$2560

2. Ukraine

$3560

3. Kosovo

$3990

4. Albania

$4450

5. Bosnia and Herzegovina

$4760

6. Republic of Macedonia

$5150

7. Serbia

$5820

8. Montenegro

$7320

9. Bulgaria

$7620

10. Romania

$9520

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