ISLAMABAD: Pakistan has been ranked as ‘the cheapest country in the world to live in’ by the Cost of Living Index for Countries 2023 report published by Numbeo.com.
The detailed list – issued by Numbeo.com – includes information regarding the Cost of Living Index of 140 countries along with city-by-city data for every individual country. The company uses six metrics to determine which countries are the most affordable.
The metrics used include rent index, local purchasing power index, cost of living index, groceries index, restaurants index, cost of living plus rent index and information compiled is compared to the cost of living in New York City, one of the most expensive cities in the world.
According to the report, Pakistan has been ranked as ‘the cheapest country in the world to live in’ with a cost of living index showing 17.6, followed by Egypt 21.7, India 22.9 and Nigeria 23.2.
Within Pakistan, Rawalpindi has been ranked as the cheapest city to live in followed by Karachi and Lahore (CPI 33.22).
The report stated that the estimated monthly cost for a family of four is Rs283,669.4 without the rent, while a single person’s estimated monthly costs without rent are Rs87,985.3.
Furthermore, the cost of living in Pakistan is, on average, is 75.2% lower than in the United States. The rents in Pakistan are, on average, 93.7% lower than in the US,
Meanwhile, Bermuda is listed as the most expensive country with regard to cost of living followed by Switzerland and Cayman Islands.
Numbeo.com was launched in April 2009 and the research and available data is the world’s largest database of user contributed data about cities and countries worldwide. The website also claims that the information it provides is not influenced by any governmental organisation.
The website provides information on world living conditions including cost of living, housing indicators, health care, traffic, crime and pollution by taking into consideration the Consume Price Index, Rent Index and Groceries Index.
