A recent video created by BuzzFeed compares the buying power of $5 in 13 different countries. Of the 13 countries mentioned, Ethiopia, being the only third world country, represented the developing world among the other developed nations comparing the cost of everything from beer to beef around the world.
As the video shows, the buying power of $5 in the developing world is much stronger than in developed nations. This stark contrast led to comments such as “I [should] start shopping in China” and “I would be eating good in Ethiopia.” However, the video leaves out certain factors such as the average household income of each country and the cost of living. For example, in the United States, it takes the average person about twenty minutes to make $5. In Ethiopia, it takes between 2-3 work days to make that same amount.
Although global poverty is dropping, according to the World Bank, 40.7 percent of people in world live on less than $2 a day. This means that after two days of work two-fifths of the world still could not purchase the items shown in BuzzFeed’s video.
Entertaining and enlightening, BuzzFeed’s video goes to show how incredibly helpful small amount of aid can be to countries which desperately need it.
– Pete Grapentien
Source: World Bank