10 Facts About the Poverty Rate in Kosovo
Kosovo, also known as the Republic of Kosovo, is located in the central Balkan Peninsula. According to the CIA, Kosovo has a population of 1,882,018. Kosovo is the second-poorest country in Europe. Due to a high level of corruption and little contract enforcement, poverty is a huge problem in Kosovo. Here are 10 facts about the poverty rate in Kosovo:
- The unemployment rate in Kosovo was 34.8 percent in 2016, which means almost one-third of the labor force in Kosovo does not have jobs. The rate increased 0.2 percent, from 34.6 percent in 2015 to 34.8 percent in 2016. Kosovo is ranked 197th on a list of unemployment rates worldwide.
- Thirty percent of the population in Kosovo fall below the poverty line, which means more than 550,000 people in Kosovo live in poverty.
- Kosovo’s GDP was $18.49 billion in 2016, which places it at 149th in the world.
- Kosovo’s GDP per capita in 2016 is $9,600, which makes it the second-poorest country in Europe. Kosovo’s GDP per capita is ranked 140th in the world overall.
- Youth unemployment is also a problem in Kosovo. The youth unemployment rate is near 60 percent in Kosovo.
- Kosovo’s official currency is the euro. However, Serb majority communities are illegally using the Serbian dinar as an official currency.
- The inflation rate in Kosovo is 0.2 percent, which is ranked 43rd compared to all the other countries in the world.
- According to research data, the majority of Kosovo’s citizens live with a monthly income of fewer than 500 euros. Most of this income is spent on food and daily supplies, which leaves little for medical care and entrainment.
- Kosovo’s citizens lack affordable health services. The government’s budget for health care can only cover 60 percent of medications considered essential. Treating serious diseases like cancer is unaffordable for most families in Kosovo.
- Kosovo’s economy has shown progress as it transforms into a market-based system. However, Kosovo’s economy also depends heavily on the international community for financial and technical assistance.
Although Kosovo’s economy is facing many problems and the poverty rate in Kosovo is still relativity high, Kosovo’s economy is making progress. Reducing the unemployment rate and raising living standards are the two major things Kosovo should be focusing on to improve the economy and reduce the poverty rate.
– Mike Liu