Pakistan has been ranked as ‘the cheapest country in the world to live in’ with a cost of living index showing 18.58, followed by Afghanistan 24.51, India 25.14 and Syria 25.31, according to cost of living index by GoBankingRatesCompany.
Several organisations have used statistics to determine the cheapest countries to live in. One of these companies is GoBankingRates and the company 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, one of the most expensive cities in the world.
The index confirms the stability in prices of daily commodities in Pakistan making living as the most affordable and cheapest in the world.
Contrary to it, worldwide, the prices of daily commodities spiraled impacting the most thriving economies of the world amidst coronavirus pandemic which resulted in tumbling down of income per capita and steep rise in the daily inflation.
According to the US Department of Agriculture’s latest report, the global food supplies are expected to grow 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 Organisation (FAO) projected that world food prices were set to rise on monthly basis.—APP