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E-mail ID will not be published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

  • Merger of FMC with Sebi could be precursor to a super markets regulator

    Finance minister Arun Jaitley’s decision to merge commodity market regulator FMC with market watchdog Sebi is a welcome step.

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

Simon J Evenett

Who blinked first, Greece or Germany?

Long dismissed as being stuck in our ivory towers, we ...

Kuruvilla Pandikattu SJ

Human bias towards happiness

There is a universal bias for positive words and ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture