15 Poorest Countries in Europe 2022.
After China, the European Union has the world’s second-largest economy.
Economic prosperity, on the other hand, varies greatly between countries.
Despite the fact that it is home to some of the world’s wealthiest countries, such as
Luxembourg, the continent has other countries with significant levels of poverty.
With a total surface area of 10,180,000km2, Europe is the world’s second smallest continent,
after Australia.
Europe is made up of 44 countries.
During World War I and World War II, Europe’s economy suffered greatly.
During the Cold War, many central and eastern European countries succumbed to Russian pressure
and established COMECON (Council for Mutual Economic Assistance).
The United States provided significant funding to most of the other countries that chose
a free-market approach.
Many western European countries banded together to join the European Union in order to integrate
their economies, boosting cross-border trade and improving their economy, whereas COMECON
countries continue to struggle.
The GDP (Gross Domestic Product) per capita measures the average wealth of each country’s
citizens.
It is calculated by dividing the country’s gross domestic product (GDP) by the total
population, adjusted for inflation.
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The following is a list that shows the wealth ranking of European countries.
Stay connected as we find out more about these countries.
15.
Romania.
Gross Domestic Product per capita $28,833.
Romania is a country in Southeastern Europe with a population of 19.29 million people.
The economy has substantially improved since the demise of the communist administration.
Romania’s economy has grown rapidly, and it is regarded as one of Europe’s few tiger
economies.
Even though there have been significant gains, poverty remains a big issue.
Romania’s poverty rate is projected to be 25.4%.
In all, GDP per capita increased from 30% of the EU average in 1995 to 72% in 2020.
The country's Current employment rate is 68.8%, which is slightly lower than the EU average
of 72.2 percent.
Furthermore, at 4.9 percent, the jobless rate is one of the lowest in the EU.
14.
Turkey.
Gross Domestic Product per capita $28,385.
Turkey is unique in that it is located partially in Asia and partly in Europe.
Turkey’s population is predicted to be 84.34 million people.
Turkey’s downward trend in poverty was hampered by the 2018 currency crisis.
The poverty rate in Turkey is predicted to be 12.2 percent.
This signifies that more than 12% of the population lives in poverty.
The country’s unemployment rate is 10.6 percent.
The unemployment rate for young people is 23.10 percent.
13.
Greece.
Gross Domestic Product per capita $27,28.
The is a southeastern European country has a population of 10.72 million people.
Greece has experienced substantial economic and social change during the last two decades.
Following the global financial crisis in 2008, Greece became deeply in debt to its creditors,
prompting it to implement tough austerity measures such as pension cuts and tax hikes.
The country’s economy weakened, unemployment surged, and poverty increased during this
period of austerity.
Despite the fact that the EU has provided Greece with stimulus packages to aid in its
economic recovery, the country has made little progress.
Over 12% of the population lives in poverty, and the unemployment rate is 16.20%.
12.
Croatia.
Gross Domestic Product per capita $26,465.
Croatia is a country on the Adriatic Sea that lies at the crossroads of Central and Southeast
Europe.
With a population of 4.04 million people, it is one of the most populous countries in
the world.
Although the country joined the European Union in 2013, it remains impoverished.
An economic recession began in 2008 and lasted until 2014, plunging many people into poverty.
An estimated 19.5 percent of the population lives in poverty, with 15% of the population
unable to afford basic essentials.
Croatia has a high unemployment rate as well.
The overall unemployment rate is 9.2%, with a young unemployment rate of 23.20 percent.
Croatia is taking a variety of steps to bring itself out of poverty and towards economic
success.
11.
Russia.
Gross Domestic Product per capita $26,456.
Russia is a large country that stretches across Eastern Europe and Northern Asia.
With a population of over 144 million people, it is the most populous country in the world.
The most pressing issues in Russia have been identified as rising prices, unemployment,
poverty, and corruption.
The Russian economy has taken a beating in recent years, with roughly 20 million Russian
residents living in poverty.
Russians with incomes below the poverty line accounted for 13.5 percent of the population.
In the meantime, the jobless rate is 5.73 percent.
10.
Bulgaria.
Gross Domestic Product per capita $22,384.
Bulgaria is a Southeast European country.
Its population is estimated to be at 6.9 million people.
Bulgarians have remained impoverished since the communist system fell in November 1990.
Bulgarians hoped that conditions would improve after joining the EU in 2007.
Unemployment and poverty rates, on the other hand, remained high.
More than 22% of the population is considered impoverished.
In 2021, the country’s unemployment rate will be 6.3 percent.
While the country’s poverty and unemployment rates have not decreased, the economy is slowly
but surely improving.
9.
Belarus.
Gross Domestic Product (GDP) per capita $19,14.
Belarus is an Eastern European country with a population of approximately 9.3 million
people.
Belarus was one of the poorest countries in Europe in the 1990s, following the fall of
the Soviet socialist regime.
The government implemented a number of social, economic, and political initiatives aimed
at promoting economic growth.
In the recent decade, significant progress has been accomplished, with less than 1% of
the population currently living in poverty.
The decrease in the poverty rate indicates the country’s inclusive economic progress.
Despite these reforms and efforts, the country’s unemployment rate remains high.
The current unemployment rate is 5.3 percent.
8.
Montenegro.
Gross Domestic Product per capita $18,279.
Montenegro is a country in Southeastern Europe with a population of over 600,000.
In 2006, it declared independence.
As a newly independent country, it is also confronted with issues such as poverty and
unemployment.
Unemployment is alarmingly high at 23.27 percent of eligible employees.
One of the key causes for the high unemployment rate is that more than 29% of young people
aged 15 to 24 are unemployed.
The country has one of the world’s highest percentages of youth unemployment.
More over 15% of the population lives on less than $5.5 per day, putting the poverty rate
in the country at 8.6 percent.
7.
Serbia.
Gross Domestic Product per capita $18,210.
Serbia is one of the countries in Europe that is still struggling economically, according
to GDP rankings.
It has a population of approximately 6.9 million people.
Serbia gained independence from Yugoslavia in 2006.
As a newly independent country, it has poverty and unemployment issues.
Poor Serbians make up 25% of the population and are destitute.
Although the general unemployment rate is 12.8%, the youth unemployment rate is 20%
While poverty is still a problem in Serbia, the government is taking steps to address
it, such as joining the European Union.
As a result of the same approach, several EU countries have experienced economic growth.
6.
North Macedonia.
GDP per capita of $15,848.
Since gaining independence in 1991, North Macedonia has made tremendous progress in
developing its economy and business environment.
Despite recent progress, unemployment and poverty remain among Europe’s highest.
Around 21.5 percent of the population live in poverty.
According to estimates, 9.1% of Macedonians live on less than two dollars a day.
The country’s unemployment rate is at 16.4 percent.
The economy of Macedonia has been harmed by the country’s internal political instability
and corruption.
5.
Bosnia and Herzegovina.
A per capita GDP of $14,340.
Bosnia and Herzegovina is a country in southeastern Europe located on the Balkan Peninsula.
It has a population of 3.2 million people.
Although the country has made significant progress since independence, it continues
to suffer with poverty.
One-fifth of the country’s population, or 18.56 percent, lives in absolute poverty.
Despite increased economic development, the unemployment rate remains frighteningly high,
with about one-third of the working-class population out of job.
Corruption, nepotism in the workforce, and overall economic stagnation are all factors
contributing to the country’s high unemployment rates.
4.
Albania.
Gross Domestic Product per capita $13,295.
Albania has one of the lowest GDP per capita of any European country.
It has a population of around 2.8 million people.
Following the demise of the Communist Party, the country was left in a state of great poverty.
However, the government’s transition to a constitutional republic, as well as the
implementation of economic policies and reforms, helped to mitigate the severity of poverty.
However, the country’s poverty rate has remained high, and its GDP per capita is among
the lowest among transition economies.
The unemployment rate is currently around 12.5%.
3.
Ukraine.
Gross Domestic Product per capita $12,377.
Ukraine is one of the poorest countries in the European Union.
Its population is predicted to be 44.13 million people.
Since the demise of the Soviet Union, widespread poverty has become one of the country’s
most serious socioeconomic issues.
The country’s unemployment rate is now around 10%.
The country has made progress in fighting poverty in recent years.
However, the country’s economy is still in bad shape, with one of Europe’s lowest
GDP per capita.
2.
Moldova.
Gross Domestic Product per capita $12,325.
Moldova has one of Europe’s weakest economies.
The population of this landlocked country in Eastern Europe is 2.6 million people.
Moldova has struggled to combat poverty within its borders since gaining independence in
1991.
Immigration as a result of excessive unemployment and governmental instability are the primary
causes of poverty in the country.
Youths, women, and older employees are disproportionately absent from the labor force.
Economic growth, large and consistent remittance inflows, and social transfers have all helped
to alleviate poverty and foster shared prosperity in recent years.
Nonetheless, it continues to have one of the lowest per capita incomes and gross earnings
in Eastern Europe.
1.Kosovo.
Gross Domestic Product per capita $10,766.
Kosovo is Europe’s poorest country.
It is situated in the Balkan Peninsula’s center region.
It has a population of 1.8 million people.
The country’s high poverty levels are due to a significant amount of corruption and
a lack of contract enforcement.
The unemployment rate is expected to be 34.8 percent, implying that nearly one-third of
the population is unemployed.
Youth unemployment is a major issue in the country, with more than 60% of young people
unemployed.
Thirty percent of the population lives in poverty, implying that more than half a million
individuals are poor.
The poorest countries in Europe are those that were disproportionately affected by World
Wars I and II, as well as the Soviet Union’s demise.
Despite the fact that these countries are still struggling economically, they are doing
better than the majority of the world’s poorest countries.
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