World Bank: Cayman Islands 5th most expensive country in the world
The World Bank recently releases their 'Purchasing Power Parities and the Size of World Economies'. The data is collected with the purpose to compare the levels of poverty and well-being of people in different countries across the world.
The recent report concludes Cayman Islands as the 5th most expensive country in the world, with 75% higher prices than the global average.
According to the report, the most expensive country in the world is Bermuda, with prices 105% above the global average. Iceland, Norway and Switzerland follow Bermuda taking 2nd, 3rd, and 4th positions as most expensive countries.
7 out of 20 most expensive countries are in the Caribbean. The seven countries are the following in ranking order: Bermuda, Cayman Islands, Barbados, Virgin Islands, Turks & Caicos, Puerto Rico and the Bahamas. Prices in the Bahamas are 35 per cent higher than the global average, according to the report.
World Bank worked with the statistical agencies of each country in order to collect the data, and gather prices on a combination of commonly purchased goods and products. In Cayman, the research team collected prices from 210 shops.
According to the report, the most expensive country in the world is Bermuda, with prices 105% above the global average. Iceland, Norway and Switzerland follow Bermuda taking 2nd, 3rd, and 4th positions as most expensive countries.
7 out of 20 most expensive countries are in the Caribbean. The seven countries are the following in ranking order: Bermuda, Cayman Islands, Barbados, Virgin Islands, Turks & Caicos, Puerto Rico and the Bahamas. Prices in the Bahamas are 35 per cent higher than the global average, according to the report.
World Bank worked with the statistical agencies of each country in order to collect the data, and gather prices on a combination of commonly purchased goods and products. In Cayman, the research team collected prices from 210 shops.
