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Dream - Asia has a large and dense population. Asia is also home to several countries with the fastest economic growth in the world. According to the Regional Economic Outlook report by the International Monetary Fund (IMF) released in October 2023, the Asian region is projected to experience a growth of 4.6% in 2023, marking an increase from 3.9% in 2022. However, it is estimated to slow down to 4.2% in 2024 and 3.9% in the medium term.
Although there has been a significant increase in global inflation. The average inflation rate in Asia is still relatively lower compared to other regions.
Many countries in the Asian region also have affordable living costs. Here are 5 countries in Asia with the cheapest cost of living.
According to Insider Monkey, the cost of living per month in India reaches US$416: Rp6.5 million (exchange rate Rp15,652 per US$). Besides China, India is seen as the next major economic player in Asia.
The economic performance of this country is facing challenges due to its very large population, which leads to issues such as poverty and inadequate access to healthcare services in rural areas. However, India's technology hub attracts many foreign businesses.
The cost of living per month in Afghanistan reaches US$397 or Rp6.2 million.
Afghanistan is located in the heart of southern Central Asia. Afghanistan is a multi-ethnic country that has faced prolonged regional challenges. This country is known to have economically significant mineral reserves. Over the past two years, Afghanistan's economy has contracted by 25%.
The monthly cost in Nepal reaches US$385 or Rp6 million. Nepal is a mountainous country located along the southern slopes of the Himalayas. Nepal is a relatively small country that relies on its neighboring countries, India and China, for most of its economic activities. In fiscal year 23, Nepal's real GDP growth is estimated to decline to 1.9%.
The monthly cost of living in Sri Lanka reaches US$316 or Rp4.9 million.
Sri Lanka is often referred to as the "Teardrop of India" or "Tetesan Air Mata India" due to its strategic shape and location. This country has a history of prolonged internal conflicts among various minority groups. It is famous for its tea exports and strong tourism industry, which takes advantage of its lush forests.
The monthly cost of living in Pakistan is only US$294 or around Rp4.6 million.
The real GDP of this country is estimated to contract by 0.6% in fiscal year 23, in contrast to substantial growth of 6.1% in fiscal year 22 and 5.8% in fiscal year 21. This country is located between India and Afghanistan. Pakistan also has a troubled political history with struggles between civilian and military power.
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