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Saturday, November 23, 2024

World Population Review Declares Pakistan The Cheapest Country To Live In

Pakistan has been ranked the cheapest country to live in as per cost of living, Minister of State for Information and Broadcasting Farrukh Habib tweeted on Sunday referring to the annual report of World Population Review.

The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and period. With a population of almost 221 million, Pakistan has a cost of living of about 18.58. The neighbouring countries Afghanistan and India scored 2nd and 3rd position on the chart with rates of 24.51 and 25.14.

The cost of living is the scale through style and standards of living are measured through different metrics depending on the conducting institute of research. “The metrics used here are rent index, purchasing power, consumer price and grocery indices, he tweeted.”

On the other hand, the most expensive countries to live in were the Cayman Islands and Bermuda where the cost of living was 141.6 and 138.2, respectively. The cost of living in Switzerland was 122.6, while Norway had 104.4, he added.

He also shared the snapshot of the map indicating the cost of living globally. Keeping in mind that if expenses are higher in a city, such as New York, for example, salary levels must be higher so that people can afford to live in that city. It is not entirely a bad thing to have a cheap living, but can be said the result of good strategies viewing the matter differently. Not everyone can afford to be cheap.

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