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Life Updated: December 01, 2023

Ten cheapest countries to live in world in 2023

By Rasheed Olajide Awoniyi
December 01, 2023
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The ongoing supply chain issue, as well as the conflict in Russia and Ukraine, are important factors in the current high level of inflation, which is driving up food, housing, and energy prices. 

Housing accounts for one-third of a typical household's income. Housing prices have risen by 8%, almost in line with the overall rate of inflation. 

Nonetheless, earnings in the United States increased by 5.28% in December 2022 as compared to the same month the previous year. 

This implies that the majority of people's biggest spending is rising faster than their income. Similarly, food prices will rise by 9.9% in 2022. 

Food accounts for about 12% of household spending, indicating that it is a necessary expense that is rising faster than wages.

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Diesel fuel prices, which have risen substantially faster than gasoline prices, are a hidden component in food inflation. 

Many of the machines used to make food, as well as the vehicles that distribute it, operate on diesel. The extra cost is passed on to consumers by the producers.

We have compiled a list of the world's ten cheapest countries, but it is important to remember that, due to the amount of political upheaval in most of them, they are also among the world's most dangerous. 


10. Tanzania

NCLI Ranking: 23
EI GFSI: 24
Average Score: 23.5

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Tanzania, an East African nation with a low-middle GDP, depends mostly on agriculture. 

Prices for commonplace goods are lower here than in the US. The average cost of living in Tanzania is 57.7% lower than in the US.

 

9. Nepal

NCLI Ranking: 6
EI GFSI: 40
Average Score: 23

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Nepal provides a lifetime of adventures, from the lowland forests to the snow-capped peaks of Mount Everest. 

Across the nation, rent is 96% less than in New York. You could live in Pokhara and Kathmandu in a somewhat comfortable manner for $500 a month.

 

8. Bangladesh

NCLI Ranking: 12
EI GFSI: 34
Average Score: 23

Bangladesh, the home of the Bengal tigers, has one of the lowest costs of living and working in the world, 68% less than that of New York. 

Bangladeshi food costs $10 a day on average, though actual meal costs may differ. In Bangladesh, the average cost of a fast-food meal is about $4.80.

 

7. Ghana

NCLI Ranking: 13
EI GFSI: 31
Average Score: 22

If you are from a developed country, life in Ghana is very cheap. 

A simple dinner should run you at approximately $3.50, and a higher-quality 3-course meal should run you at roughly $13. 

Ghanaian rent is, on average, 68.8% less expensive than US rent.

 

6. Egypt

NCLI Ranking: 2
EI GFSI: 40
Average Score: 21

In the home of the Great Pyramids, you may genuinely live for less money. Travelling across Egypt is analogous to travelling through Southeast Asia. 

Cairo is 76.6% less expensive than Seattle. A family of four's expected monthly expenses, excluding rent, are $1,130.6.


5. Sri Lanka

NCLI Ranking: 7
EI GFSI: 35
Average Score: 21

Sri Lanka, an Indian Ocean island nation, is one of the most beautiful and affordable locations to live. 

Due to increased food and fuel prices, many Sri Lankans are finding it difficult to get by daily.

However, renting a property in Sri Lanka is 92% cheaper than in New York City.

 


4. Libya

NCLI Ranking: 5
EI GFSI: 30
Average Score: 17.5

The petroleum industry, which provides for about 95% of export earnings and 60% of GDP, is Libya's principal source of income. 

Tripoli, Libya's capital, has a relatively inexpensive cost of living in comparison to other parts of the world as of January 2023. A deluxe hotel in the city will cost around $310 per night.

 

3. Nigeria

NCLI Ranking: 24
EI GFSI: 7
Average Score: 15.5

Nigeria is one of the least expensive places to live and work. 

The average cost of living in Nigeria is 58.9% lower than in the United States. 

The average rent in Nigeria is 27.5% lower than in the United States. Without rent, the average monthly cost in Nigeria for a single individual is $463.5.

 

2. Pakistan

NCLI Ranking: 1
EI GFSI: 30 
Average Score: 15.5

Pakistan has an extremely low cost of living. The average cost of living in the country is 78.2% lower than in the United States. 

The national average for meals is $11 per day, while meal prices vary. 

A meal at a low-cost restaurant will cost you less than $2, while a dinner for two at a mid-range restaurant will cost you around $12. 


1. Syria

NCLI Ranking: 10
EI GFSI: 1
Average Score: 5.5 

Syria, with its rich plains, steep mountains, and deserts, is home to a diverse range of ethnic and religious communities. 

Despite the US State Department's warning against any travel to Syria, it remains one of the world's most affordable places to live and work. 

The country's overall cost of living is 64.1% lower than that of the United States.

 

Source:

Numbeo

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Rasheed Olajide Awoniyi

Rasheed is a Prolific Content Writer who also has a niche in all Genres of Literature, Academic Pape...

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