A new report from the publication CEO World suggests Cambodia has become more expensive to live in, with the country now sitting at 59th on the list, out of 132 nations.
In the annual report, titled “Most Expensive Countries In The World To Live In, 2020” CEO Magazine says “to identify the world’s most and least expensive countries to live in, CEOWORLD magazine collected and reviewed data from dozens of studies; consumer price index; Numbeo Cost of Living Index; numerous national; and international media reports. CEOWORLD magazine based its assessment on a range of living costs, such as accommodation, clothing, taxi fares, utility, internet, the price of groceries, transport, and eating out. The rankings are based on five major metrics: cost of living, rent, groceries, eating out and purchasing power.”
The data is then compiled into an index, and Cambodia’s ranking of 59, places it above countries such as Czech Republic, Poland, China, Malaysia, Lithuania, Slovakia and South Africa.
In the Khmer Times, they reported the “general consensus is that the cost of living often corresponds to the economic standing of a country.”
GOBankingRates had also released data which ranked Cambodia 97th globally in terms of living costs.
In the 3rd quarter of 2019, the Numbeo Cost of Living Index (CLI), Singapore ranked as the country with the highest cost of living in the SEA region, followed by Thailand, Myanmar and Cambodia.
Numbeo claims to be “the world’s largest database of user-contributed data about cities and countries worldwide. Numbeo provides current and timely information on world living conditions including cost of living, housing indicators, health care, traffic, crime and pollution.”
To get an overview of the costs of living in Cambodia according to Numbeo, they provide average breakdowns of groceries, transport, rent and more here.
Cambodia’s economic development and increased Chinese investments and presence in Cambodia are believed to have contributed to the higher rankings over recent years.
The findings from CEO World also suggested Switzerland is officially the most expensive nation on earth to live in. European countries were prominent on the most expensive list, but 5 of the top 20 were in Asia, including Japan, Singapore and South Korea.