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 2021.

LIST OF THE POOREST COUNTRIES IN EUROPE

COUNTRY
1. Ukraine
2. Moldova
3. Albania
4. Bosnia and Herzegovina
5. Northern Macedonia
6. Belarus
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 2021. The largest European country by area (excluding Russia) with once huge 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. Endless political power struggles, corruption, an abundance of oligarchs, military conflict in the east, and several other reasons have resulted in Ukraine being the poorest country in Europe today.

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 2021 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, bordering the Adriatic and Ionian Seas. A small country with a population of slightly less than 3 million people was in the "captivity" of the planned socialist economy until the early 90s of last century, so the transition to market relations is proceeding rather slowly. 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.BOSNIA AND HERZEGOVINA

Bosnia and Herzegovina

The military and political turmoil in Bosnia and Herzegovina decades ago still does not allow the country to reach a high level of development and provide its citizens a decent life by 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 salary in Bosnia and Herzegovina in 2021 is about 495 euros per month.

5.NORTHERN MACEDONIA

Macedonia

The population of the Republic of Northern Macedonia in 2021 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.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. Average net income of Belarusians is about 390 euro 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 destruction of infrastructure at the end of the last century to this day do not allow this state to find a successful path of economic development. 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 it is difficult to find a job in Serbia.

8. MONTENEGRO

Montenegro

Montenegro's independence was officially restored only in 2006. Today the country has slightly less than 630 thousand people, of which about 30% are Serbs. Montenegro is a popular tourist destination, generating more than 20% of GDP and creating 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 520 euros per month. Of course, for Europe, this is not much.

9. BULGARIA

Bulgaria

The poorest country in the European Union in 2021 is Bulgaria. This fact is confirmed by many economic indicators. For example, while the minimum wage in Bulgaria in 2021 is 330 euros per month, in Luxembourg it is 2,201.93 euros. The average after-tax income of Bulgarians is just over 600 euros per month. The country has not fully solved the problems of corruption and organized crime. Nevertheless, the government is building a liberal market economy and is taking the necessary measures to improve the business climate in Bulgaria.

10. ROMANIA

Romania

The last place in the TOP 10 list of the poorest countries of Europe belongs to Romania, which became a member of the European Union similar to Bulgaria back in 2007. The communist past left Romania 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 2021, the minimum wage in Romania is 470 euros per month, and the average wage is about 660 euros after taxes.

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