Pakistan Ranked as the Cheapest Country to Live in

Most people in the country whine about inflation. It would be a surprise for most of us to know that Pakistan has been ranked by ‘GoBankingRates‘ as the cheapest country to live in. The cost of living index in Pakistan is 18.58 which is followed by Afghanistan 24.51, India 25.14 and Syria 25.31.

What does this mean?

Well, it certainly doesn’t mean that the quality of living is comparable to the developed nations. It also doesn’t mean that the inflation we have been witnessing is not real. It just means that our government has still managed to control several factors and have kept the inflation in check. Most western courtiers have seen the history’s worst inflation and economical disaster.

Several government and non-government institutes and organizations use statistics to determine the cheapest countries to live in. One of these companies is GoBankingRates. This firm uses four metrics to determine which countries are the most affordable.

The metrics used include rent index, local purchasing power index, consumer price index, groceries index and information compiled is compared to the cost of living in New York City which is considered one of the most expensive cities in the world.

Also Read: UAE first Country to Receive Made-in-Pakistan Smartphones

The index confirmed the stability in prices of daily commodities in Pakistan making living here the most affordable and cheapest in the world.

On the contrary, worldwide, the prices of daily commodities spiked impacting the most thriving economies of the world amidst coronavirus pandemic which resulted in tumbling down of income per capita and an exponential rise in the daily inflation.

According to the US Department of Agriculture’s latest report, the global food supplies are expected to grow bigger in 2021-22 and so the prices of daily commodities, driven by strong demand and supply shortfalls.

Whereas in a corresponding report by the United Nations Food and Agriculture Organization (FAO) projected that world food prices were set to rise on a monthly basis.

The FAO’s food price index, measured monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar.

According to it, the vegetable oil price index jumped due to rising palm, soy and rapeseed oil quotations.

Here is a list of cheapest countries to live in – 2021