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Kosova

Kosovo citizens the poorest in the European region

Politiko 2025-01-06 17:23:52

Kosovo citizens have also closed 2024 as one of the poorest in the region and Europe. The poverty rate is currently 19.2 percent, while the gross domestic product per capita is 5,889 euros. Kosovo continues to have the lowest per capita income, compared to the average of countries in the region and the European Union. According to the World Bank, the poverty rate in Kosovo remains high, at 19.2 percent.

According to this international financial institution, the country lags behind its neighbors with a Gross Domestic Product per capita, which reaches only 5,889 euros. Meanwhile, Luxembourg (137,839 euros), Ireland, the Netherlands, Denmark and Austria are the five EU countries with the highest per capita income.

"Per capita income remains low compared to the average of European Union member states and the poverty rate remains higher, at just over 19 percent. We consider that to achieve sustainable progress in reducing poverty and increasing shared prosperity, Kosovo must transition to a model of competitive economic growth that creates more and better jobs for all the people of Kosovo."

"Providing sufficient high-quality jobs for Kosovo's young population will help bridge the income gap with the EU ," said the World Bank's Deputy Country Manager for Kosovo, Jane Sprouster, in a statement to the media in Kosovo.

Sprouster says economic growth is projected to be 3.8 percent in 2024 and up to 4 percent in the medium term. According to her, with economic growth expected to accelerate, the World Bank predicts that poverty will decrease, from 19.2 percent in 2024 to 17.1 percent in 2025.

"Our latest projections, as of October 2024, show that GDP growth is expected to accelerate to 3.8 percent in 2024 and gradually move towards 4 percent in the medium term."

On the manufacturing side, services and construction will make the highest contribution to economic growth. We expect merchandise exports to remain subdued this year, before gradually recovering by 2026.”

Also according to the World Bank, Kosovo continues to have the highest unemployment rate in the region. According to the latest report, only 37 percent of the working-age population is employed. According to the WB, Kosovo faces the need to undertake reforms, including implementing a new energy strategy and improving water security.

Data published by the Kosovo Agency of Statistics shows that the country's citizens allocate the largest part of their family budget to purchasing food items. And, their average salary is around 570 euros. At the end of October, the Prime Minister of Kosovo, Albin Kurti, made a decision to increase salaries in the public sector – by 55 euros from January next year and by another 55 euros from July.

Previously, at the end of August, Kurti's Government also decided to increase the minimum wage to 350 euros. For years, it was 130-170 euros. The Kosovo budget approved by the Government for 2025 is worth 3.6 billion euros./ Monitor