Which Countries in the World Have the Lowest Cost of Living?
In many parts of the world, including North America, it seems as if the cost of living is rising every day. From food prices to gas prices everything seems to be constantly fluctuating. While North America is not the only continent that struggles with prices that are constantly changing, there are definitely places in the world that have a lower cost of living.
According to the 2007 Quality of Life Index, the country with the lowest cost of living in the world was Narau. Narau is an island that is located in the South Pacific region of the globe, near the equator. It has approximately 13,770 residents and smaller than Washington, DC.
The second country that is reported to have a low cost of living, on the on the Quality of Life Index, is Turkmenistan. Turkmenistan is a small Middle Eastern country that shares a border with Afghanistan and used to be a republic of the former Soviet Union. As a country, Turkmenistan is known as the world’s tenth-largest producer of cotton.
Two of the more popular countries in the world that boast some of the lowest cost of living in the world are a South American country and the only country that boasts two geographical titles: continent and country. These countries are Uruguay and Australia.
While the Oriental Republic of Uruguay is relatively small, roughly the size of Washington State, its population is estimated to be in the millions. As of 2007 the people of Uruguay seemed to be enjoying a stable economy that remains to be dependent on agriculture and exports. This stability may be a large factor in such a low national cost of living. Common 2007 prices in the country of Uruguay would surprise many people in North America. Some examples include three cent phone calls, an afternoon meal for less than one dollar and a large beach front home for around $125,000 US Dollars (USD).
The second country that is reported to have a low cost of living, on the on the Quality of Life Index, is Turkmenistan. Turkmenistan is a small Middle Eastern country that shares a border with Afghanistan and used to be a republic of the former Soviet Union. As a country, Turkmenistan is known as the world’s tenth-largest producer of cotton.
Two of the more popular countries in the world that boast some of the lowest cost of living in the world are a South American country and the only country that boasts two geographical titles: continent and country. These countries are Uruguay and Australia.
While the Oriental Republic of Uruguay is relatively small, roughly the size of Washington State, its population is estimated to be in the millions. As of 2007 the people of Uruguay seemed to be enjoying a stable economy that remains to be dependent on agriculture and exports. This stability may be a large factor in such a low national cost of living. Common 2007 prices in the country of Uruguay would surprise many people in North America. Some examples include three cent phone calls, an afternoon meal for less than one dollar and a large beach front home for around $125,000 US Dollars (USD).
Of the larger countries in the world, Australia has one of the lowest national costs of living in the world. In fact, In 2004, the World Competitiveness Yearbook stated that Australia is the third best worldwide country when it comes to low cost of living. In 2007 common Australian prices included 400 Euros for rent or mortgage and 500 Euros per family for groceries each month. Such low living costs can be attributed to many factors including: low foreign debt and a stable economy.
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