5 Cheapest Countries in the World

In this article, we talk about the 5 cheapest countries in the world. To skip our analysis of how inflation affects the cost of living, go directly and see 25 Cheapest Countries in the World.

5. Sri Lanka

NCLI Ranking: 7

EI GFSI: 35

Average Score: 21

Sri Lanka, an island nation in the Indian Ocean, is among the most stunning and affordable places to live. Many people in Sri Lanka are finding it harder to get by on a daily basis due to rising food and fuel prices. Compared to New York City, renting a place in Sri Lanka costs 92% less.

4. Libya

NCLI Ranking: 5

EI GFSI: 30

Average Score: 17.5

The petroleum industry, which accounts for almost 95% of export revenue and 60% of GDP, is the main source of income for the Libyan economy. As of January 2023, Tripoli, the capital of Libya, has a fairly low cost of living compared to other areas in the world. A luxury hotel in the city costs roughly $310 per night.

3. Nigeria

NCLI Ranking: 24

EI GFSI: 7

Average Score: 15.5

One of the least expensive places to live and work is Nigeria. The country’s average cost of living is 58.9% less than that of the United States. The average rent in Nigeria is 27.5% less than it is in the US. Without rent, the average monthly cost for a single person in Nigeria is $463.5.

2. Pakistan

NCLI Ranking: 1

EI GFSI: 30 

Average Score: 15.5

The cost of living is incredibly low in Pakistan. The country’s average cost of living is 78.2% less than that of the United States. The average cost of food in the country is $11 a day, although meal prices can vary. A meal will cost you less than $2 at a cheap restaurant, while a dinner for two at a mid-range restaurant will cost you roughly $12. 

1. Syria

NCLI Ranking: 10

EI GFSI: 1

Average Score: 5.5

Syria, a land of fertile plains, lofty mountains, and deserts, is home to a wide variety of ethnic and religious groups. In spite of the U.S. State Department’s warning against all travel to Syria, it is one of the most affordable countries in the world to live and work. The overall cost of living in the country is 64.1% lower than in United States.

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