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Economic News

 


Currently: Euro
GDP: 1,895 E million (est); Per capita: E1.117
Employment: Private Enterprise 23%, Farming 15%
Unemployment rate: 44%
Extreme poverty:12%
Government:
Republic of Kosovo (indepented country since 17th of February, 2008)
Local Government represented by 37 municipalities


Kosovo is the newest state in Europe. The economy is considered a transition economy. Kosovo was the poorest European state with a modern economy. Since the declaration of independence of 2008 Kosovo's economy has grown each year, with relatively low effects from the global financial crisis; while there are many weaknesses for its potential in the future, many of them related to its internationally disputed status, there are also potential strengths, including its very low level of government debt and future liabilities and the strength of its banking system (despite remaining obstacles to using this for productive loans). Both unemployment and poverty rates are estimated at close to half the population, though new data from the General Population Census may alter data significantly, following lower than expected number of inhabitants.

Kosovo, even after independence remains the poorest country in Europe. Within this period, the socio-economic situation of Kosovo has not changed much.
 

Within four years we have managed to complete the legal infrastructure in the social field.

During this period we have succeed in approving the basic laws, such as labor law, law on trade union organization, the Law on Economic and Social Council and the Law on strikes, but this has not done much to alleviate unemployment.

According to the research conducted, there is weaker employment in Europe. The unemployment rate has reached 44 per cent and employment is extremely low, about 26 percent.