Cambodia no longer one of the cheapest places to live: Study
Phnom Penh city, a capital of Cambodoa, view. Photo: worldtravelguide. Sketched by the Pan Pacific Agency.
PHNOM PENH, Mar 11, 2020, The Khmer Times. Cambodia’s reputation as one of the cheapest places in the world to live has been called under question, according to a survey conducted by CEOWORLD magazine, a leading business publication, The Khmer Times reported.
The newly-released study ranked Cambodia 59 out of 132 countries in terms of cost of living (with one being the cheapest and 132 the most expensive). The basis for the rankings include local purchasing power, cost of living, rent, groceries and eating out.
Cambodia’s ranking puts it above many much-wealthier countries like Czech Republic, Poland, China, Malaysia, Lithuania, Slovakia and South Africa. The general consensus is that the cost of living often corresponds to the economic standing of a country.
CEOWORLD magazine’s findings are backed up by an earlier study from GOBankingRates, which ranked Cambodia 97th globally in terms of living costs.
Just a few years ago, the Kingdom consistently ranked as one of the countries with the lowest cost of living, according to studies conducted by reputable organsations and publications like International Living.
Frederic Chan, executive director at ANG Group Property Investment & Development, said he was not surprised by the survey’s findings. He said it is a consequence of increased Chinese investments and presence in Cambodia.
“Parallel to the growth of Chinese investments, the number of Chinese people here have also increased. Mechanically and artificially, the demand for products and services are also going up. That may explain increased costs of living in cities where there are large numbers of Chinese people, including Sihanoukville, Siem Reap and Phnom Penh. This applies to many sectors like hospitality, property and food,” he explained.
“Investments are generally good and signify trust for a country’s economy among foreign businesses. But they should be well-regulated and followed-up,” he added.
To nobody’s real surprise, countries in Europe are ranked as the most expensive places to live. Switzerland tops that list as the nation with the highest cost of living.
Four other European countries (Norway, Iceland, Denmark and Luxembourg) made it into the overall list’s top 10.
After Switzerland, the country with the highest cost of living is Norway, followed by Iceland, Japan, Denmark, the Bahamas, Luxembourg, Israel, Singapore and South Korea.
Share it
| 
| 
| 
| 
|