Despite grappling with a struggling economy, political unrest, and soaring inflation, Pakistan has been ranked first as the “cheapest country globally to live in” based on the cost of living plus rent index, according to the World of Statistics.
The World of Statistics in its ranking places Pakistan at the top, followed by Egypt in second place and India in third place.
Cost of living and related indices are based on the money required in terms of US dollars to live in a country. However, many Pakistanis have seen their purchasing power eroded in recent months due to rising dollar rate. Their income has been reduced in dollar terms.
With an index score of 18, Pakistan’s ranking reflects its remarkably low cost of living compared to other nations.
The Rent Index score stands at 3.4, showcasing the affordability of accommodation in the country.
Additionally, Pakistan’s Groceries Index score is 15.4, the Restaurant Price Index is 13.7, and the Local Purchasing Power Index score is 24.4.
Following closely behind Pakistan, the other most affordable countries to live in include Egypt, India, and Colombia.
This revelation highlights the potential benefits for individuals seeking cost-effective living options, particularly at a time when economic challenges, political unrest and inflation are rampant.
Conversely, the index also sheds light on the most expensive countries to reside in.
Topping the list is Bermuda, renowned for its high cost of living, followed by Switzerland, Cayman Islands, and Bahamas, which are known for their affluent lifestyles.
Pakistan’s recognition as the cheapest country to live in raises questions about the country’s economic dynamics and affordability, captivating the attention of global economists and individuals contemplating a relocation.