The international agency GoBankingRates, published the rank of the most cheapest countries throughout the world. The agency has ranked 112 countries in terms of the cheapest ones being Georgia as the 29th place.
The authors relied on the main 4 components in the process of composing the ranking list. Those components are following ones: local purchasing power, the price of the lease, the food price index and the consumer price index. All those four components are compared with the living standards of the US. Accordingly the US is taken as the benchmark.
The research shows that, compared to New York, the purchasing power parity of the population in Georgia is 69.3% cheaper, the price of the lease is 88.6% less, and food price is 74,4% cheaper, local product and services cost 70,4% less than in the US.
“In Georgia there is one of the lowest prices on consumer and food prices. In Tbilisi ongoing monthly expenses combines 360 USD per person. However, such low prices are the outcome of the low income.”
Based on the information provided by the agency, in the ranking list the most cheapest country in therms of living conditions among 112 countries is South Africa. In the first top 5 India, Kosovo, Saudi Arabia, and Kazakhstan are included. Whereas, last positions keep Ghana, Switzerland, Hong Kong, Bahamas and Bermuda.
What about Georgia’s neighbor countries Azerbaijan is ranked 23rd position out of 112, Armenia stands for 42nd position, Russia – 39th position, Turkey – 31st and the last Ukraine is 24th place.