Switzerland, Norway are world's most expensive economies

WASHINGTON Wed Apr 30, 2014 5:59am IST

Cranes lift up the upper part of a dockside crane during installation works on the banks of the Limmat river in Zurich early April 11, 2014. REUTERS/Arnd Wiegmann

Cranes lift up the upper part of a dockside crane during installation works on the banks of the Limmat river in Zurich early April 11, 2014.

Credit: Reuters/Arnd Wiegmann

Related Topics

WASHINGTON (Reuters) - 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.

(Reporting by Krista Hughes; Editing by Jonathan Oatis)

FILED UNDER:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Brent oil rises above $62 as energy firms slash investments  Full Article 

Space Programme

Space Programme

ISRO tests its heaviest space launch vehicle, eyes global market   Full Article 

Coal India Strike

Coal India Strike

Coal India workers threaten five-day strike, stokes output worries  Full Article 

Gold Discount

Gold Discount

Dealers offer gold discount for first time in five months  Full Article 

Lakhvi Granted Bail

Lakhvi Granted Bail

Pakistan court bails man accused of masterminding Mumbai attack  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage