TIME magazine ranks Pakistan as the 14th cheapest country to live in

The TIME magazine has ranked Pakistan as the 14th cheapest country to live in. The report identified 50 cheapest countries to live in, where rent, groceries and items of consumptions are cheaper than in NewYorkCity.

A ranking by GoBankingRates used Numbeo’s online pricing database to find the cheapest countries to live in, the four key metrics used were:

1)Local purchasing power index- measures and compares the different income levels in countries

2)Rent index-compares rents of dwellings in a country to the ones in New York city

3)Groceries index-compares grocery item prices to items in NewYorkCity

4)Consumer price index- as Time defines it is used to compare costs of local goods and services; including restaurants, groceries, transportation and utilities to New York City.

Pakistanstockmarket1

Pakistan is ranked 14th because compared to NewYorkCity:
•Local purchasing power is 54.5% (lower)
•Rent is 94% cheaper
•Groceries are 72.5% cheaper
•Local goods and services are 71.3% cheaper

This information shows that living in Pakistan is cheaper than most countries.TIME reports

‘Living in Pakistan is pretty affordable, especially if you move to the city Lahore. Combined typical costs of rent, food and other goods and services for a month come out to about $530 a month.’

According to Numbeo , ‘the Cost of living in Pakistan is 63.92% lower than in United States’.These are useful figures for entrepreneurs and emerging businesses in Pakistan and provide an almost fertile testing ground for local startups to test their business models and explore lucrative investment opportunities.

The recent figures quoted by the economic survey of Pakistan state that Pakistan’s estimated population is 195.4 million in 2016 and the Inflation rate has fallen by 2 % despite an accelerating GDP of 4.71 %.

In addition to the above mentioned, APP Reports


1) The per capita income in dollar terms has increased from $ 1,516.8 in FY 2015 to $ 1,560.7 in FY 2016
2) The economy during FY2016 recorded a growth of 4.71 percent which is the highest growth achieved since 2008-09
3) National savings increased to 14.6 percent of GDP in this fiscal year against 14.5 percent last year.

This also implies that the Pakistani market is built around a ladder of quality differentials in various products and services, and different segments of society are choosing a very diverse set of products, which define and shape their living standard. The stability of the Pakistani rupee is a factor that can bring another source of confidence to investors.Thus focusing on the Pakistani market, and exploring to find the right niche can have a far-reaching impact on various sectors.

This also brings us to the bigger question. Is cheaper living really cheap, or are we paying for it by compromising on other aspects that ‘define’ the quality of life.

Here it may be useful to tap into qualitative evidence, particularly from immigrants of why they choose to live outside of their home country despite the low cost of living in Pakistan.

All this put together,will help define the other factors that are important to arrive at an overall index of the quality of life in a country, which is as important as the ‘cost of living’ itself.


News of the day

7 minutes Read 122 views

Pakistan’s first online hostels booking platform is now...

July 29, 2019

The prevalent problem among students and working professionals today is that people living out of their hometown and…

View All
6 minutes Read 188 views

Summer Camp for Teens! CAMP AMAZE!

May 27, 2019

Innovation District 92 is hosting Camp Amaze, a Summer Camp for students aged 14-18 years in…

View All
11 minutes Read 222 views

ATX+PAK Advance GMAP Finalists Announced

May 6, 2019

Ten startup companies to launch accelerated global expansion plans via Austin, Texas

The City of Austin Texas, Innovation District…

View All
6 minutes Read 248 views

Last Day To Apply For A Fully Funded...

April 24, 2019

Today is the last day to apply for the University of Oklahoma Professional Fellows Program for business owners,…

View All
8 minutes Read 379 views

OpenMic, a Nest I/O startup, has launched to...

December 11, 2018

OpenMic, a social startup that engages youth in the conversations about the future of Pakistan, conducted its…

View All

Latest Videos

1 minute Read 937 views

Saad Mahmood, The Technology Guy

March 13, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
1 minute Read 931 views

Saad Mahmood’s Perspective About Women Empowerment !!

March 8, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
Less than a minute Read 1,726 views

CEO VizRah, Mohammad Adeel Javed, talking about Vizrah...

August 20, 2017

We asked Adeel Javed about his initiative VizRah and how he aims to positively impact the society through…

View All
Less than a minute Read 2,436 views

Yellow Plate Restaurant introducing fast food with unique...

August 10, 2017

Our team visited Yellow plate restaurant at Shah Jamal market Lahore to tantalize our taste buds. The Owner…

View All
Less than a minute Read 1,639 views

Views of Khuram Bukhari (Co-Founder Ravvish) about Life,...

August 10, 2017

We conducted a written dialogue about life and success with Co-Founder Ravvish, Khuram Bukhari

View All