The cost of living in the cheapest nations on the planet can be quite sobering for those who live in the world’s most expensive countries. World Population Review has compiled a list of the world’s cheapest countries, ranked by their cost of living index. Keep reading to find out what the world’s cheapest countries are for 2020, and what it’s like to live in them.
Pakistan Is The World’s Cheapest Country To Live In
According to World Population Review, Pakistan is the cheapest country in the world to live in. The site lists the cost of living index for the Asian nation as 18.58 in 2020, while other sources, such as Numbeo, list the Pakistani cost of living index as 21.98. Either way, that’s vastly different from countries such as Iceland and Switzerland, where the cost of living is over 100. To put things into perspective, the cost of living index of the United States, according to Numbeo, is 71.05.
Pakistan has consistently been one of the world’s cheapest countries in recent years. Although there is wealth in the nation, it is shared only among the richest families, leaving a significant proportion of the population with a lower standard of living. In 2015, it was found that more than 24% of the population lived below the national poverty line.
Poverty in Pakistan leads to widespread problems like child labor, famine, and terrorism.
India’s Cost Of Living Index Is 25.14
With a similarly low cost of living index at 25.14, India is another of the world’s cheapest countries to live in. Unlike some of the planet’s most expensive places, like Iceland and the Cayman Islands, India has the ability to locally source materials that are then used to produce goods. They don’t have to deal with the high cost of imports, tariffs, and other expenses related to outsourcing many of their products.
Much of the clothing in India, for example, is made locally using local materials. This applies to both traditional clothing and also western brands that manufacture their products in factories in India. Due to the large population in the country (India is one of the world’s most populous nations), the price of labor also tends to be comparatively low compared to elsewhere in the world. Because of an oversupply of labor, people are willing to work for less, which further decreases the cost of living in a trickle-down effect.
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Tunisia Is One Of The World’s Cheapest Countries To Live In
Tunisia is becoming an increasingly popular travel destination for international tourists, thanks to the country’s stunning coastal views and historic monuments. The African nation is also cheaper than the most popular destinations in Europe, both for tourists and for locals.
World Population Review lists the cost of living index in Tunisia as 25.43, which places the country just below India on the ranking of the cheapest countries in the world. Prices of food and drink tend to be quite low by world standards, even at high-end restaurants. Transportation also tends to be quite cheap due to the low price of gasoline.
Monthly incomes of the general population are often low, so entertainment options such as tickets to sporting events are also cheap. Utilities, internet access, clothing, and rent are all affordable by world standards.
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Georgia Is The Cheapest European Country To Live In
The cost of living index in Georgia is 27.78—a figure only slightly higher than that of Pakistan, India, and Tunisia. Georgia seems to fly under the radar of many tourists traveling through Eastern Europe, with the majority of people heading straight to destinations like Russia, the Czech Republic, and Poland. But those who do visit Georgia will find that the nation is quite cheap.
Accommodation and rent are both extremely cheap in Georgia, as are utilities and internet access. Transportation throughout the country is also incredibly cheap. Food tends to be the cheapest when purchased from the supermarket but it’s also affordable to eat out.
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Egypt Has A Low Cost Of Living Index
In Egypt, the cost of living index is 29.09, making the country one of the cheapest to live in on the planet. The Egyptian economy fell into decline following the fall of President Hosni Mubarak in 2011, with both tourism and foreign investment decreasing in the subsequent years.
Although the cost of living in Egypt ultimately comes down to the lifestyle of each household, Egypt tends to be fairly cheap for the majority of people. This is especially true when you compare it to the most expensive Middle Eastern destinations, such as Dubai.
Things like rent, utilities, transportation, and groceries tend to be quite affordable by world standards. While the cost of living in Egypt is low on average, so is the average salary.