The economy of Kosovo is a transition economy. Kosovo was the poorest province of the former Yugoslavia with a modern economy only established after a series of federal development subsidies in 1960s and 1970s. During the 1990s abolition of province's autonomous institutions followed by poor economic policies, international sanctions, little access to external trade and finance, and ethnic conflict severely damaged the already-weak economy. Since the declaration of independence in 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