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Crisis 1999
News Archive 1999

Citizens of Yugoslavia 'survive on black economy'

The black economy could now account for up to half of Yugoslavia's gross domestic product (GDP), according to a United Nations report.

While enabling Yugoslavia to endure economic sanctions and the NATO bombardment, it has also strengthened the grip of racketeers. Up to three million of the 8.4 million population live below the poverty line and GDP has fallen by two thirds in 10 years. Unemployment stands at 33 per cent. For many the black economy is the only way to survive.

Another report, by the London-based Economist Intelligence Unit, says that a decade of war has left Yugoslavia the poorest country in Europe.

Source: Free Serbia

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