24 Least Developed Countries in Europe in 2024

Published on January 25, 2024 at 11:15 am by Meerub Anjum in Business, Economy, Industries, Lists, News

In this article, we will look into the 24 least developed countries in Europe in 2024. If you want to skip our detailed analysis, you can go directly to 5 Least Developed Countries in Europe in 2024.

Europe’s Economic Outlook

Europe is a rich continent, featuring some of the most advanced countries in the world in terms of human development and economic growth. However, the region exhibits considerable disparities within its borders. According to the IMF, Europe has a GDP per capita of $35,690, as of 2024, with the western part of the region boasting a GDP per capita of $51,450. On the other hand, in Eastern Europe, the economic development is not as significant, compared to the Western countries. As of 2024, Eastern Europe reports a GDP per capita of $15,670.

The Russia-Ukraine conflict remains the key driver of the economic downturn in Europe, rummaging trade and affecting economies through migration and remittances. According to an article by Reuters, published on September 22, 2023, the war in Ukraine has impacted European economic growth. The article cited a study by the Swiss National Bank, which states that the ongoing war significantly increased inflation across the continent. Since the tension escalated in February 2022, the region has witnessed an increase in energy prices, financial market disruption, and a considerable contraction in economies of the both countries. The report further analyzes the impact of the war on Britain, Germany, France, Italy, and Switzerland. The findings suggest that if the war hadn’t begun, the economic output of the region would have increased by 0.1% and 0.7% in the last quarter of 2022, and the consumer prices would have been 0.2%-0.4% lower. Germany emerged as the most affected country due to the ongoing conflict. The country’s GDP would have been 0.7% higher and inflation 0.2% lower in the fourth quarter of 2022. Apart from the immediate inflation, the report warns that the war could lead to long-term economic crises in the region.

European Market and Major Players

Although the current geopolitical tensions and regional disparities persist and present significant challenges, the European market continues to exhibit resilience. The diverse economies in the region foster a vibrant market, bursting with countless investment opportunities. Europe is home to some of the most valuable companies in the world. Some notable names in the market include AstraZeneca PLC (NASDAQ:AZN), Novo Nordisk A/S (NYSE:NVO), and SAP SE (NYSE:SAP).

AstraZeneca PLC (NASDAQ:AZN) is an Anglo-Swedish biotech company, headquartered in Cambridge, England. On December 26, 2023, the company announced that it had agreed to acquire Gracell Biotechnologies Inc. (NASDAQ:GRCL), a leading clinical-stage pharmaceutical company, specializing in innovative cell therapies for the treatment of cancer and autoimmune diseases. The acquisition proposed by AstraZeneca PLC (NASDAQ:AZN) will improve the growing pipeline of cell therapies, as a potential treatment for multiple myeloma and systemic lupus erythematosus (SLE).

Novo Nordisk A/S (NYSE:NVO) is the biggest pharmaceutical company in Europe. On January 4, the company announced that it had joined forces with Omega Therapeutics, Inc. (NASDAQ:OMGA), a clinical-stage biotechnology company. The research partnership will utilize Omega Therapeutics, Inc.’s (NASDAQ:OMGA) proprietary platform technology for the development of an epigenomic controller. The controller will support the treatment approach for obesity management, by enhancing metabolic activity. Novo Nordisk A/S (NYSE:NVO) has also collaborated with Cellarity Inc., a platform specializing in cellular dysfunction, to discover novel small molecule therapy in metabolic dysfunction-associated steatohepatitis (MASH). The company will be reimbursing the research and development costs to the involved companies. Each company will receive up to $532 million upfront and milestone payments with tiered royalties.

SAP SE (NYSE:SAP) is a leading multinational software company, providing business solutions to retailers. On January 11, the company announced the launch of new AI-assisted capabilities to support retailers in the optimization of their business processes, driving profitability and customer loyalty. These capabilities will support retailers adapt to rapid market changes, by providing integrated customer insights and analysis.

Talking about the new AI-driven capabilities, President and CEO Industries and CX, SAP SE (NYSE:SAP), Ritu Bhargava said:

“These AI-driven retail capabilities build on SAP’s industry-tailored, intelligent customer experience (CX) strategy, which provides companies with deeply integrated functionalities to enable their most critical business processes and customer journeys. SAP’s composable architecture unlocks the creative potential of retailers, allowing them to cherry-pick capabilities tailored to their unique needs and rapidly innovate and respond to market demands, ultimately helping them to supercharge profitable growth.”

With this context, let’s have a look at the 24 least developed countries in Europe in 2024.

24 Least Developed Countries in Europe in 2024

Methodology

To compile our list of the 24 least developed countries in Europe in 2024, we utilized HDI and GDP per Capita. We defined a country with lower HDI and GDP per capita as a least developed country. Firstly, we sorted the countries in Europe on the basis of HDI and sourced their GDP per capita. Then, we assigned ranks to the countries from lowest to highest, with 1 representing the least developed. Finally, we averaged the ranks for both our metrics and calculated the Insider Monkey rating. The countries on our list appear in descending order of the Insider Monkey rating of the countries.

Please note that we have not included countries with unavailable HDI or GDP per capita data in our list.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

24 Least Developed Countries in Europe in 2024

24. Italy

Human Development Index (2021): 0.895

GDP Per Capita (2024): $38,390

Insider Monkey Rating: 25.0

Italy is ranked 24th on our list. The country reported a HDI of 0.895 in 2021. According to the IMF, the country has a GDP per capita of $38,390.

23. Estonia

Human Development Index (2021): 0.890

GDP Per Capita (2024): $33,020

Insider Monkey Rating: 23.0

Estonia is ranked among the least developed countries in Europe in 2024. The country reported an HDI of 0.890 in 2021. According to the IMF, the country has a GDP per capita of $33,020.

22. San Marino

Human Development Index (2021): 0.853

GDP Per Capita (2024): $61,490

Insider Monkey Rating: 22.5

San Marino, the third smallest country in Europe, is ranked 22nd on our list. The country reports a GDP per capita of $61,490. In 2021, San Marino reported an HDI of 0.853.

21. Czechia

Human Development Index (2021): 0.889

GDP Per Capita (2024): $32,390

Insider Monkey Rating: 22.0

Czechia, also known as the Czech Republic, is ranked 21st on our list. The country reports a GDP per capita of $32,390, as of 2024. According to the UNDP, Czechia reported an HDI of 0.889 in 2021.

20. Andorra

Human Development Index (2021): 0.858

GDP Per Capita (2024): $45,640

Insider Monkey Rating: 21.5

One of the smallest countries in the world, Andorra, is ranked 20th on our list. The country reported a human development index of 0.858 in 2021. Andorra has a GDP per capita of $45,640, as of 2024.

19. Lithuania

Human Development Index (2021): 0.875

GDP Per Capita (2024): $31,120

Insider Monkey Rating: 20.0

Lithuania is ranked among the least developed countries in Europe in 2024. The country reported an HDI of 0.875 in 2021. According to the IMF, the country has a GDP per capita of $31,120.

18. Portugal

Human Development Index (2021): 0.866

GDP Per Capita (2024): $28,120

Insider Monkey Rating: 19.0

Ranked 18th on our list, Portugal reported an HDI of 0.866 in 2021. According to the IMF, the country has a GDP per capita of $28,120.

17. Greece

Human Development Index (2021): 0.887

GDP Per Capita (2024): $24,510

Insider Monkey Rating: 19.0

Greece ranks 17th on our list. In 2021, Greece reported an HDI of 0.887. According to the IMF, the country has a GDP per capita of $24,510.

16. Latvia

Human Development Index (2021): 0.863

GDP Per Capita (2024): $26,950

Insider Monkey Rating: 18.0

Ranked 16th on our list, Latvia is located in northeastern Europe. Latvia reports a GDP per capita of $26,950, as of 2024. In 2021, the country reported an HDI of 0.863.

15. Poland

Human Development Index (2021): 0.876

GDP Per Capita (2024): $23,430

Insider Monkey Rating: 18.0

Poland is one of the least developed countries in Europe in 2024. The country reported an HDI of 0.876 in 2021. According to the IMF, the country has a GDP per capita of $23,430.

14. Slovakia

Human Development Index (2021): 0.848

GDP Per Capita (2024): $26,710

Insider Monkey Rating: 15.5

Slovakia is ranked among the least developed countries in Europe in 2024. The country reported an HDI of 0.848 in 2021. According to the IMF, the country has a GDP per capita of $26,710.

13. Croatia

Human Development Index (2021): 0.858

GDP Per Capita (2024): $22,520

Insider Monkey Rating: 14.5

Ranked 13th on our list, Croatia reported an HDI of 0.858 in 2021. According to the IMF, the country has a GDP per capita of $22,520.

12. Hungary

Human Development Index (2021): 0.846

GDP Per Capita (2024): $23,010

Insider Monkey Rating: 13.5

Ranked 12th on our list, Hungary reports a GDP per capita of $23,010. In 2021, the country reported an HDI of 0.846.

11. Romania

Human Development Index (2021): 0.821

GDP Per Capita (2024): $20,210

Insider Monkey Rating: 10.5

Romania ranks 11th on our list, reporting a GDP per capita of $20,210 as of 2024. The country reported a human development index of 0.821 in 2021.

10. Russian Federation

Human Development Index (2021): 0.822

GDP Per Capita (2024): $13,320

Insider Monkey Rating: 10.0

Ranked 10th on our list, the Russian Federation reported an HDI of 0.822 in 2021. According to the IMF, the country has a GDP per capita of $13,320.

9. Montenegro

Human Development Index (2021): 0.832

GDP Per Capita (2024): $12,300

Insider Monkey Rating: 9.5

Montenegro is a country in Southeast Europe. It is ranked 9th on our list, reporting a GDP per capita of $12,300 as of 2024. According to the UNDP, the country reported an HDI of 0.832 in 2021.

8. Bulgaria

Human Development Index (2021): 0.795

GDP Per Capita (2024): $17,320

Insider Monkey Rating: 8.0

Ranked 8th on our list, Bulgaria reported an HDI of 0.795 in 2021. According to the IMF, the country has a GDP per capita of $17,320.

7. Serbia

Human Development Index (2021): 0.802

GDP Per Capita (2024): $12,360

Insider Monkey Rating: 8.0

Serbia ranks 7th on our list. The country reported an HDI of 0.802 in 2021. According to the IMF, the GDP per capita of the country is $12,360.

6. Albania

Human Development Index (2021): 0.796

GDP Per Capita (2024): $8,880

Insider Monkey Rating: 6.5

Albania is ranked among the least developed countries in Europe in 2024. The country reported an HDI of 0.796 in 2021. According to the IMF, the country has a GDP per capita of $8,880.

Click to continue reading and see the 5 Least Developed Countries in Europe in 2024.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

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24 Least Developed Countries in Europe in 2024

Published on January 25, 2024 at 11:15 am by Meerub Anjum in Business, Economy, Industries, Lists, News

Europe’s Economic Outlook

European Market and Major Players

24 Least Developed Countries in Europe in 2024

24. Italy

23. Estonia

22. San Marino

21. Czechia

20. Andorra

19. Lithuania

18. Portugal

17. Greece

16. Latvia

15. Poland

14. Slovakia

13. Croatia

12. Hungary

11. Romania

10. Russian Federation

9. Montenegro

8. Bulgaria

7. Serbia

6. Albania

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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Insider Trading

Hedge Funds

Retirement

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24 Least Developed Countries in Europe in 2024

Published on January 25, 2024 at 11:15 am by Meerub Anjum in Business, Economy, Industries, Lists, News

Share

Europe’s Economic Outlook

European Market and Major Players

24 Least Developed Countries in Europe in 2024

24. Italy

23. Estonia

22. San Marino

21. Czechia

20. Andorra

19. Lithuania

18. Portugal

17. Greece

16. Latvia

15. Poland

14. Slovakia

13. Croatia

12. Hungary

11. Romania

10. Russian Federation

9. Montenegro

8. Bulgaria

7. Serbia

6. Albania

Share

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff