Switzerland, Norway are world's most expensive economies

Switzerland and Norway are the world's most expensive economies, followed by Bermuda, Australia and Denmark, according to a new ranking by the World Bank.

The economies with the lowest prices are Egypt, Pakistan, Myanmar, Ethiopia and Laos, according to a review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.

The United States, the world's largest economy, was in relatively affordable 25th place, lower than most other high-income countries.

The richest countries, or those with the highest gross domestic product (GDP) per capita on a purchasing power parity basis, were Qatar, Macao, Luxembourg, Kuwait, and Brunei.

Eight countries, including Malawi, Mozambique and Liberia, had GDP per capita of less than $1,000.

Almost half the world's $90.6 trillion in total economic output in 2011 came from low- and middle-income countries, the World Bank said.

Compared to the last time the exercise was done in 2005, with a slightly different methodology and mix of countries, middle-income countries gained a bigger share of the world economy, at the expense of both high- and low-income peers.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • RBI must keep a strict vigil on private debt inflows

    A little over a year ago, RBI governor Raghuram Rajan had observed that central banks of the developed world were excessively liberal with printing mo

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

When too little could mean too late

The calamity in Jammu and Kashmir has once again shown ...

Purnendu Ghosh

Why art and science are natural partners

Art is qualitative and is generally associated with emotions. Science ...

Shona Adhikari

A toast to established and emerging talent

This week, our focus is on upcoming exhibitions in the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture