5 Cheapest Countries in the World

4. Libya

NCLI Ranking: 5

EI GFSI: 30

Average Score: 17.5

The petroleum industry, which accounts for almost 95% of export revenue and 60% of GDP, is the main source of income for the Libyan economy. As of January 2023, Tripoli, the capital of Libya, has a fairly low cost of living compared to other areas in the world. A luxury hotel in the city costs roughly $310 per night.