Pakistan ranks as most inexpensive country to live in

Magazine's findings based on cost of living, rent, groceries, eating out and purchasing power

Despite the rise in the inflation rate in Pakistan, the country has been ranked as the cheapest to live in globally, according to CEO World Magazine.

The business magazine based its findings on data collected from dozens of previous reports and analysed five major metrics including cost of living, rent, groceries, eating out and purchasing power.

Pakistan was closely followed by Afghanistan, India, Syria, Uzbekistan, Kyrgyzstan, Tunisia, Venezuela, Kosovo, Georgia and Nepal on the list.

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While on the other end of the spectrum Switzerland is the most expensive country.

Nine other European nations make up the top 20, with Norway, Iceland and Denmark joining Japan to complete the top five.

Luxembourg (7), Ireland (13), France (14), Netherlands (15) and Belgium (18) were also included in the top 20, all trumping the UK which placed 27th.

As well as the nine European nations, five of the top 20 countries were in Asia (Japan, Singapore, South Korea, Hong Kong and Israel), one in North America (United States), two in the Caribbean (Bahamas and Barbados), two in Oceania (Australia and New Zealand) and one in Africa (Seychelles).