In a nutshell, a low cost of living helps create a positive economic growth cycle, where increased demand leads to increased production, employment, and ultimately, economic expansion.
A country’s economy depends on a range of factors, including the cost of living. A low cost of living is crucial for a country’s economic stability, as it directly affects the standard of living, consumer purchasing power, and investment opportunities.
The importance of a low cost of living to a country’s economy cannot be overstated as it is key to the reduction of poverty and inequality. This article lists 10 African countries with the lowest cost of living according to Numbeo, one of the world’s most profound data and research platforms.
