Pakistan is ranked as the cheapest country in which to live

Pakistan is ranked as the cheapest country in which to live

Pakistan is the world’s affordable country on the planet to live in for friendly survival, with an 18.58 cost of living index, followed by Afghanistan 24.51, India 25.14, and Syria 25.31.

Several groups have looked at statistics to see which countries are the most economical for friendly survival.

Rent index, consumer price index, local purchasing power index and grocery index are utilized. In addition, the data is compared to the cost of living in New York City, one of the world’s most expensive cities.

The score reveals that everyday commodity costs in Pakistan are stable, making Pakistan the most affordable and lowest in the world.

Contrary to popular belief, global daily commodity prices soared, wreaking havoc on the world’s most prosperous economies in the wake-up call of the coronavirus pandemic, resulting in a drop in per capita income and a sharp spike in daily inflation.

According to the most recent assessment from the US Department of Agriculture, due to increasing demand and supply shortages, global food supplies are expected to expand in 2021-22, as are daily commodity prices.

In a similar study, the United Nations Food and Agriculture Organization (FAO) anticipated that global food prices would increase every month.

The FAO’s food price index tracked movements in a basket of grains, oilseeds, dairy products, meat, and sugar for 12 months.

Rising palm, soy, and rapeseed oil prices pushed up the vegetable oil price index.

Slow production growth in Southeast Asia lifted palm oil prices, but worldwide solid demand, particularly from the biodiesel sector, pushed up soy oil prices.

The sugar index rose 6.8% month over month, according to FAO, due to harvest delays and concerns about reduced crop yields in Brazil, the world’s largest sugar exporter.

The FAO discovered similar monthly escalating trends in the pricing of nearly all essential consumable commodities when the globe was still dealing with the effects of Covid 19.

According to Go Banking Rates Company, the most expensive countries to live in are the Cayman Islands (141.64), Bermuda (138.22), Switzerland (122.67), and Norway (122.67). (104.49).

All four of these countries have higher living costs than New York City. The amount of money needed to maintain a certain level of comfort in a specific location is referred to as the living cost. Housing, groceries, taxes, and healthcare are all included in this category.

Some countries have astronomically high living costs, notably in large cities such as the United States, where cities such as San Francisco and New York have astronomically high living costs.

On the other hand, other countries have meagre living costs, and many individuals are packing their stuff to go to these countries.

Read more: Economic and GDP Growth Rates in Pakistan in 2021

 

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