Many European countries are extremely wealthy, but others are still struggling. GDP is the total value of the country’s marketed goods and services.
20 Poorest Countries in Europe 2022
With a GDP per capita of only $3,300, Moldova, also known as the Republic of Moldova, is the poorest country in Europe.
Romania and Ukraine share a border with Moldova. The Moldova River is the source of the name Moldova.
Following the breakup of the Soviet Union in 1991, Moldova, a former Soviet republic, saw a rapid deterioration in its economy and had to deal with significant financial challenges for its inhabitants.
Kosovo, formally known as the Republic of Kosovo, is a state that is only partially recognized and has a $5,020 per capita GDP.
One-third of the population of Kosovo, which is the third-poorest nation in Europe, lives in poverty.
The GDP per person in Albania, commonly known as the Republic of Albania, is $5,373.
Following the fall of the USSR in the 1990s, Albania was in the process of converting its economy from one based on socialism to one based on free markets.
4. North Macedonia
The fifth-poorest nation in Europe is North Macedonia, which attained independence in 1991.
Recently, the economy of North Macedonia, which has a GDP per capita of $6,096 has seen a significant transition. More than 90% of the country’s GDP comes from trade.
Following the fall of the USSR, Ukraine, which had previously been a part of the USSR, experienced a recession.
With a per capita GDP of $3,425 in second place on the list of the poorest nations in Europe is Ukraine.
Following the fall of the USSR, Belarus experienced severe economic difficulties similar to those experienced by its former Soviet republics, making it the seventh poorest nation in Europe.
The GDP per person of Montenegro, which is heavily dependent on the energy sector, was $8,704.
Rapid urbanization causing deforestation is degrading the nation’s natural resources, increasing its vulnerability.
Income inequality, particularly for women, results from widespread gender and age discrimination.
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With an $8,748 GDP per capita, Serbia ranks ninth among the poorest nations in Europe. Beginning in the early 2000s, Serbia saw eight years of strong economic development.
With a per capita GDP of $14,033, Croatia, formally known as the Republic of Croatia, is the 11th poorest nation in Europe.
The total land area of Croatia is 56,594 square kilometers (21,851 square miles).
Bulgaria is the ninth poorest nation in Europe, with a per capita GDP of $11,350.
However, Bulgaria attempted to turn itself into a free-market democratic economy when it lost its soviet primary market in the 1990s, which severely hurt the country’s economy.
The GDP per person in Romania, which gets its name from the Latin term Romanus, is $14,469.
Early in the new millennium, Romania saw strong economic growth, which is currently largely driven by the service industry.
Romania produces electric energy and machines, and it has become a net exporter of both.
The GDP per person in Hungary is 15,372. Hungary’s economy was mostly based on agriculture before World War II.
Later forced industrialization policies, which were influenced by Soviet models, altered the nation’s economic structure.
Poland, often known as the Republic of Poland, had a 312,696 square kilometer territory and a $15,304 per capita GDP (120,733 sq mi).
With a population of around 38.5 million, Poland is one of the most populous countries in the EU.
14. Bosnia and Herzegovina
Before the Bosnian War, commonly known as the conflict between Bosnia and Herzegovina in 1992–1995, the economy of Bosnia was thriving. It took the nation twenty years to go back to normal.
In 2020, no other European country has a GDP per capita of less than $4,290. (save for Ukraine).
This former Soviet republic, sandwiched between Russia, Turkey, Armenia, and the Black Sea, is going through a difficult time. Its prospects, on the other hand, are bright.
The United States provided substantial support to the majority of the other countries that chose free-market policies.
Many Western European countries banded together to join the European Union in order to integrate their economies.
However, this has promoted cross-border trade and helped their economy, whilst COMECON members continue to struggle.