Despite facing challenges such as a struggling economy, political unrest, and high inflation, Pakistan has achieved the remarkable distinction of being ranked as the “cheapest country globally to live in” by the World of Statistics, based on the cost of living plus rent index.
This top ranking is followed by Egypt in second place and India in third place, according to the World of Statistics’ rankings.
Cheapest countries to live in the world:
1. Pakistan 🇵🇰
2. Egypt 🇪🇬
3. India 🇮🇳
4. Colombia 🇨🇴
5. Libya 🇱🇾
6. Nepal 🇳🇵
7. Sri Lanka 🇱🇰
8. Ukraine 🇺🇦
9. Kyrgyzstan 🇰🇬
10. Syria 🇸🇾
12. Bangladesh 🇧🇩
17. Turkey 🇹🇷
24. Nigeria 🇳🇬
26. Argentina 🇦🇷
27. Indonesia 🇮🇩…
— World of Statistics (@stats_feed) May 26, 2023
The cost of living and related indices are typically determined based on the amount of US dollars required to sustain a certain standard of living in a country. However, in recent months, many Pakistanis have experienced a decline in their purchasing power due to the increase in the value of the US dollar. This has resulted in a reduction of their income when measured in dollar terms.
With an index score of 18, Pakistan’s ranking highlights its significantly lower cost of living compared to other countries.
Additionally, the Rent Index score of 3.4 reflects the affordability of accommodation within the country.
Furthermore, Pakistan achieves a Groceries Index score of 15.4, a Restaurant Price Index score of 13.7, and a Local Purchasing Power Index score of 24.4.
Close on the heels of Pakistan, other countries that offer affordable living options include Egypt, India, and Colombia.
This revelation emphasizes the potential advantages for individuals seeking economical living arrangements, especially in the midst of prevalent economic challenges, political unrest, and inflation.
Conversely, the index also sheds light on the countries with the highest cost of living.
At the top of the list is Bermuda, renowned for its exorbitant expenses, followed by Switzerland, Cayman Islands, and Bahamas, which are known for their opulent lifestyles.
The acknowledgment of Pakistan as the most affordable country to reside in sparks inquiries into the country’s economic dynamics and affordability, captivating the interest of global economists and individuals considering a potential move.