THE POOREST COUNTRIES IN EUROPE

According to most reputable European organizations and experts, today Europe includes 50 independent states, in which a little more than 11% of the population of the planet lives.At the same time 6 countries are partially or fully located in Asia - Russia, Turkey, Kazakhstan, Azerbaijan, Armenia and Georgia. Unfortunately, not all European countries can boast a high standard of living, a developed economy and general well-being.

Nevertheless, unlike the poorest countries of the world, which predominantly include the war-torn and political conflicts in Africa, Europe as a whole is in a very favorable position. Especially when it comes to the member states of the European Union. However, even within this association, the standard of living can vary considerably. For example, if we compare Luxembourg and Bulgaria. Next, let's highlight the 10 poorest countries in Europe in 2022.

LIST OF THE POOREST COUNTRIES IN EUROPE

COUNTRY
1. Ukraine
2. Moldova
3. Albania
4. Belarus
5. Northern Macedonia
6. Bosnia and Herzegovina
7. Serbia
8. Montenegro
9. Bulgaria
10. Romania

Note. In compiling the ranking, the current indicators of nominal GDP per capita published by the International Monetary Fund and the World Bank were used as the main indicator of poverty. In addition, the list does not include partially recognized states and countries geographically located in both Asia and Europe.

TOP 10 POOREST COUNTRIES IN EUROPE

1.UKRAINE

Ukraine

With the lowest GDP per capita, Ukraine is considered the poorest country in Europe in 2022. It is the largest European country in terms of area (not including Russia) with once enormous economic potential. Both in the agricultural and industrial sectors. After the collapse of the Soviet Union and independence, the country failed to take advantage of its geographical advantages and natural resources. The endless political struggle for power, corruption, an abundance of oligarchs, military conflict in the east and some other reasons have resulted in Ukraine today being the poorest country in Europe.

2.MOLDOVA

Moldova

The state of Moldova is located between Romania and Ukraine. It has no access to the sea. The economy is very weak and mainly focused on agriculture. The average salary in Moldova in 2022 after taxes is a little more than 230 euros per month. The low income forces hundreds of thousands of Moldavians to go to work in Russia and countries of the European Union. The unrecognized state of Transnistria adds separate problems.

3.ALBANIA

Albania

The Republic of Albania is located in the southeastern part of Europe on the Balkan Peninsula, washed by the Adriatic and Ionian Seas. A small country with a population of just under 3 million people until the early 1990s was in the "captivity" of the planned socialist economy, so the transition to market relations is quite slow. More than 40% of the local workforce is employed in the agricultural sector, and many go to work in neighboring countries. Despite its comfortable geographical location, Albania is a very poor European country.

4.BELARUS

Belarus

Among the ten poorest countries in Europe is another post-Soviet state, the Republic of Belarus, which maintains close political and economic ties with the Russian Federation. The country is located in eastern Europe, is landlocked, and borders Ukraine, Poland, Lithuania, Latvia, and Russia. The lion's share of industry and the economy as a whole is controlled by the state, which significantly reduces the interest of foreign entrepreneurs. The average income of Belarusians (net) is about 380 euros per month.

5.NORTHERN MACEDONIA

Macedonia

The population of the Republic of Northern Macedonia in 2022 is just over 2 million people. The country gained independence from Yugoslavia in 1991 and since then has been actively trying to carry out economic reforms, many of which have been very successful. Nevertheless, North Macedonia lags behind not only EU countries, but also many of its neighbors in terms of development. Other difficulties are related to the internal political instability of recent years, the high share of the shadow economy, unemployment and non-transparent legal system. All this makes Northern Macedonia a poor European country.

6.BOSNIA AND HERZEGOVINA

Bosnia and Herzegovina

The military and political turmoil in Bosnia and Herzegovina decades ago still prevents the country from reaching a high level of development and providing its citizens with a life worthy of European standards. The Balkan state has one of the least competitive economies in the region, and the inflow of foreign investment is largely hampered by corruption and bureaucracy in the government. After taxes, the average wage in Bosnia and Herzegovina in 2022 is about 500 euros per month.

7. SERBIA

Serbia

The Republic of Serbia is a country in southeastern Europe with a population of about 8.7 million. Military actions and significant infrastructure destruction at the end of the last century have prevented this state from pursuing a successful path of economic development to this day. Serbia is actively negotiating for accession to the European Union, and in parallel it is carrying out market reforms. The main problems of the country are the high level of corruption, the inefficient judicial system and unemployment. Therefore, finding a job in Serbia is very problematic.

8. MONTENEGRO

Montenegro

Montenegro's independence was officially restored only in 2006. Today the country is home to slightly less than 630 thousand people, of which about 30% are Serbs. Montenegro is a popular tourist destination, which generates more than 20% of GDP and creates new jobs. By the way, a large number of foreigners from CIS countries buy real estate, open businesses and find jobs in Montenegro. Salaries in the state after taxes are on average about 535 euros per month. Of course, for Europe, this is not much at all.

9. BULGARIA

Bulgaria

The poorest country in the European Union in 2022 is Bulgaria. This fact is confirmed by many economic indicators. For example, while the minimum wage in Bulgaria in 2022 is 330 euros per month, in Luxembourg it is 2,256.95 euros. The average after-tax income of Bulgarians is just over 590 euros per month. Corruption and organized crime are not completely solved in the country. Nevertheless, the government is building a liberal market economy and is taking necessary measures to improve the business climate in Bulgaria.

10. ROMANIA

Romania

The last place in the ranking of the top 10 poorest countries in Europe belongs to Romania, which, by analogy with Bulgaria, became a member of the European Union back in 2007. The communist past left Romania with a fairly large, but outdated industrial base. Under the conditions of market economy and new trade relations, many industries had to be completely modernized or closed. In 2022, the minimum wage in Romania is 515 euros per month, and the average wage is about 695 euros after taxes.

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