Thinking of moving to another country? Worries about the cost-of-living crisis and inflation have been the biggest economic story of recent months.
Month-over-month and year-over-year price increases have been at historic highs through much of 2021 and into 2022, with categories like energy and vehicles seeing increases of more than 40 percent since the beginning of 2022.
There are, however, some countries that still afford visitors and immigrants alike, the good fortune of enjoying excellent facilities and beautiful sites and culture at the cheapest prices possible. They are the countries with the lowest cost of living.
The cost of living is the money needed to sustain a certain comfort level in a location. It covers basics like housing, groceries, taxes, and healthcare. Some countries have an extremely inflated cost of living.
Limitless advantages come with living in a country with a low cost of living. You get to save up money that could have been spent on unnecessary expenses, afford a comfortable life, and go on vacations.
And while an affordable location can mean more pocket money for leisure activities, it can also ensure peace of mind knowing you are financially secure and can live comfortably on a modest retirement fund
Data from the World of Statistics shows that there are quite several cheaper places to live in and relocate to in 2022 – from popular ex-pat countries like the USA to African countries such as Nigeria.
Considering a range of factors, such as GDP, unemployment rate, housing and rent, healthcare, and economic growth, here is World of Statistics’ pick of the best places around the world with the lowest cost of living and worth trying out in future:
- Pakistan
- Sri Lanka
- India
- Libya
- Algeria
- Colombia
- Kosovo
- Tunisia
- Syria
- Kyrgyzstan
- Nepal
- Egypt
- Azerbaijan
- Turkey
- Bangladesh
- Morocco
- Nigeria
Related Content: Top 10 Countries Causing The Most Ocean Pollution