Pakistan ranked the ‘cheapest country to live in’. What does it mean?

By this index, it is confirmed that the stability of prices of different services and commodities in Pakistan makes it the cheapest, most affordable country to live in.

GoBankingRatesCompany officially ranked Pakistan as the ‘cheapest country to live in, whose cost living index was 18.58, followed by Afghanistan at 24.51, India at a close third by 25.14, and Syria at 25.31.

With the help of global statistics, multiple organizations try to determine the cheapest countries to live in.

One of the main companies in this field is GoBankingRates and they use four metrics to determine which country has the most affordable living standards.

The metrics included are; rent index, local purchasing power index, consumer price index, groceries index, and an inventory of statistics that compare the cost of living to New York, one of the most costly cities in the world.

By this index, it is confirmed that the stability of prices of different services and commodities in Pakistan makes it the cheapest, most affordable country to live in.

In juxtaposition to it, the rest of the world is in the tight choke-hold of capitalism that only continues to grow tighter. The prices of daily commodities have risen enough to impact the most developed communities, especially amidst a year where a global pandemic hit. This has resulted in the pitfall of income per capita and the exponential rise in daily inflation.

The US Department of Agriculture’s latest issued a report claiming the global food supplies are expected to grow in 2021-22 so that the prices of daily commodities shortfalls because of strong demands. However, in the following report by the United Nations Food and Agriculture Organisation (FAO) predicted that world food prices were set to inflate on monthly basis.

The FAO’s food price index measured monthly changes for oil seeds, dairy products, a basket of cereal, meat, and sugar. According to the report, the vegetable oil price index jumped due to rising palm, soy, and rapeseed oil quotations.

Because of slow production in southeast Asia, palm oil prices jumped up, directly proportional to soy prices boosting up, due to prospects of vigorous global demand, especially from the biodiesel sector.

Due to harvest delays and concerns over reduced crop fields in Brazil, the world’s largest sugar exporter, the sugar index by FAO posted a 6.8% month-on-month gain.

The FAO also noted the similarities between the rising trends in the prices of almost all major edible items on a monthly basis as the world was still recovering from the debilitating impact of COVID-19.

On the other hand, GoBankingRatesCompany ranked the most expensive countries to live in; the Cayman Islands at a whopping 141.64, Bermuda at  138.22, Switzerland at 122.67, and Norway at 104.49, all of which who have a higher cost of living than New York City.

The cost of living in the money needed to sustain a certain comfort level in a location and covers basics like housing, groceries, taxes, and healthcare.

Some countries have a very high cost of living, like in areas surrounding large cities in the United States such as New York and San Francisco.

On the contrary, some nations have a very low cost of living, therefore many people are researching and planning their next living destination carefully.

What are your views on this? Share with us in the comments bar below.

  • pakistan is cheapest country for foreigners because they earn in euro,dollars or other big currency.for pakistanis it is very costly country because their earning is so low,they do not have purchasing power.

    • But they dont pay taxes like Western do council tax, permit, water bill, insurance, mortgages, long list

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