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The Current Cost of Living in France

From the Senne to the Mediterranean, France is hailed as one of the most expensive countries on the globe. With delicacies such as escargot and macarons, it’s no wonder the cost of living in France is higher than in most nations. The capital city of Paris ranks among the top 10 most expensive cities in the world, with the country as a whole being among the top 20 most expensive countries in the world.

Everything from gas to a loaf of bread has an inflated price in France. The average price per gallon of gas in France is around $5.54. The same amount of gas in Venezuela would be about $0.12. These countries couldn’t be farther apart in distance, and their people have near polar opposite lifestyles, demonstrating the wealth disparity and high cost of living in France.

Housing is arguably the biggest factor in living cost, and France is a prime example of a competitive housing market. Paris is on par with other major cities such as Beijing and Chicago in terms of monthly price. The average rent for a one-bedroom apartment in Paris per month is $1,730. The same apartment over 5,000 miles away in Beijing would be $1,900 a month.

It is not always the average person looking for a place to live in France. In 2016, a villa in southern France was estimated to be valued at $1 billion. Many have reported this house to be the most expensive in the world.

Currency also reflects a country’s cost of living. The euro has been volatile in recent months but is consistently valued higher than other major currencies, such as the dollar. Over the past three months, the euro has steadily grown to four percent more valuable than the dollar. This disparity increases cost of living in France.

From the French Riviera to Normandy’s beaches, France is regularly one of the most expensive places to live. Paris tops many lists with its exuberant prices and is widely known to be exclusively for the wealthy. This ideology is not solely in Paris, as cities across France continue to see prices soar for everything from rent to a loaf of bread.

– Sophie Casimes

Photo: Flickr

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The Cost of Living in Brazil

Cost of Living in Brazil
The cost of living in any country is a direct result of inflation and the economy. As of June 2017, $1 is equivalent to 3.31 Brazilian real. The cost of living in Brazil does not seem to be high for everyday products such as fruit, bread and eggs when compared to prices in the United States. The costs tend to differ more when it comes to mortgage rates, and gasoline and other imports.

Brazilian cities were more expensive in 2011 than cities such as Los Angeles, New York City, Berlin, Miami, Abu Dhabi and Luxembourg. The inflation rate was 6.5%, while the rate in the U.S. was 3%. The real should have become cheaper, not more expensive. This caused the cost of living in Brazil to rise.

By 2016, the economic situation had not changed much. Brazil, which had been the fifth-largest world economy when it won the Olympics, dropped to the ninth-largest economy after a significant decline in its gross domestic project. It went into its worst recession since the 1930s.

High taxes, poor infrastructure and low labor productivity have contributed to what is known as “Custo Brasil” (“Brazil cost” in English)­­– which refers to the increased costs associated with doing business in Brazil. It is likely that these costs directly impact the cost of living in Brazil.

The 2016 Olympic Games in Rio de Janeiro was expected to add to the economy while bringing Brazil out of the recession. With an influx of tourists’ spending money, the demand and supply for products should have increased.

More than 400,000 tourists came in for the Olympics and spent about 425 real per day; those 760,000 Brazilians who attended spent an average of 310 real per day. In total, the Olympics generated over $100 million in tourism revenue alone, based on the exchange rate as of August 2016.

Although the total amount of revenue generated remains unknown, companies spent more for the 2016 Rio Olympics than they did in Beijing in 2008 and in London in 2012. Between the revenue from tourism and sponsors, Brazil’s official inflation rate ended 2016 at its lowest level since 2013.

The central bank expects the cost of living to decelerate, with significant decreases having already occurred in the past few months. Brazil is expected to end 2017 with inflation below its target for the first time since 2009.

– Stefanie Podosek

Photo: Flickr

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The Current Cost of Living in Panama

Cost of Living in Panama
Known for its 48-mile canal connecting the Pacific Ocean with the Atlantic Ocean, Panama receives over a million visitors each year. Panama’s beautiful beaches, ecotourism and international festivals can seduce many tourists into making Panama their home rather than a vacation spot. For those who entertain the thought of Panama as their permanent home, it is important to know the cost of living in Panama as well as what it’s like to live there.

Panama has a relatively low cost of living, which can range from $1,120 to $8,000 per month for two people, while the average middle-class salary in Panama is estimated at $1,200 per month. These costs fluctuate depending on what region or city you are going to be living in Panama.

The unemployment rate in Panama is 4.5%. The labor force in Panama is made up of 1.78 million people; a large majority of the population works in services while the rest works in agriculture and industry. The standard workweek in Panama is 48 hours, which is 8 hours more than a full-time work week here in the United States.

While the cost of living in Panama is low, migrants should know much more about Panama before making the decision to move there. For example, while Panama’s crime rate compared to other Central American countries is relatively low; however, it is still high compared to most of the United States. Panama, Colon, Herrera and Chiriqui are among the provinces with the largest cities which had the highest overall crime rate. There has been a pattern of decreasing crime in Panama. Homicide, armed robberies and petty theft rates have all continuously fallen.

Moving from the United States to Panama may come as a huge shock when you realize that Panama’s population is only four million. Approximately one-third of Panama’s population lives in Panama City or the immediate area around it. Panama City is packed with nightlife, shopping areas. The rest of the areas in Panama provide a quiet and relaxed life which provides quicker access to Panama’s nature.

There are many things to consider and know about Panama before turning your yearly vacation into a forever home. While Panama may be very appealing to the eye and its beautiful attractions may coerce someone into a quick move, the cost of living in Panama may be a deciding factor.

– Danyel Harrigan

Photo: Flickr

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What is the Cost of Living in Jamaica?


Jamaica attracts people from all over the globe. Its beaches and comfortable atmosphere make it a dream destination for everyone from tourists to expatriates to some retirees. Due to how quickly currencies can appreciate and depreciate, calculating exact figures for the cost of living in Jamaica is difficult.

Living Expenses

As of the time of writing, one USD is worth $128.85 Jamaican Dollars (JMD). As an upper middle-income country, the island’s government has made many efforts to invest in and improve the living conditions of its people. One result of this investment is that buying certain foods (excluding milk) locally instead of importing them is the more economically sound option. However, everyday items such as toothpaste are more expensive on the island.

How much one should expect to pay for rent depends on location and size of the space. According to Expatistan, a site dedicated to helping expatriates by providing indexes of the costs of living around the world, renting a furnished 900-square-foot apartment can cost either $104,114 JMD ($814 USD) in an expensive neighborhood or $59,998 JMD ($469 USD) in a more average neighborhood. These prices drop considerably with a reduction in the size of the dwelling.

Living in a furnished 480-square-foot studio apartment goes for about $82,673 JMD ($646 USD) in an expensive neighborhood or $42,091 JMD ($329 USD) in a more average area. Additional utilities and amenities increase these totals, especially considering that Jamaica’s national minimum wage increased last March to $6,200 JMD per 40-hour work week and $8,854 JMD per week for Industrial Security Guards.

Education

Primary school education in Jamaica is mandatory and free, although other schooling materials do add to the cost of living in Jamaica. Each September, a parent can expect to pay anywhere between $300 and $400 USD per child at the elementary-school level for books, uniforms and mandatory auxiliary fees. These fees allow schools to continue operating and making improvements. A child can be turned away if these charges are left unpaid.

Retirement

If one is looking to retire in Jamaica, there are many factors to consider. These factors include housing, food, utilities, transportation and healthcare. Some services and appliances such as washers, dryers and dishwashers are uncommon due to import costs and there is not enough power to run them. In that same vein, a backup generator is a recommended investment.

Public transportation in Jamaica is not known to be the most punctual or comfortable. To get around this, having a car of one’s own is also recommended.

As for healthcare, the island’s clinics and hospitals provide their services for free, but they are also frequently described as unreliable. Kingston and Montego Bay are home to the best facilities on the island, so living there and taking out a proper health insurance policy covers quite a few bases.

Overall, Investopedia concluded that, given the cost of living in Jamaica, one could retire comfortably with a savings of $200,000 USD (approximately $25,668,730 JMD).

For those living on the island, the cost of life in Jamaica seems to be somewhat of a struggle to maintain, especially if many obligations need attention (such as children). However, that is not to say it is impossible. Perhaps if the minimum wage increases again like it did last year it will be easier for people to meet their needs.

– Jada Haynes

Photo: Flickr

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Netflix to Expand Technology Access to Africa

NetflixNetflix has expanded into 54 African nations, furthering its global reach. At the same time, Netflix is extending service to regions where Internet access is at 20 percent, the world’s lowest.

The rise in cell phone usage has helped connect an estimated 300 million Africans to the Internet. But widespread connectivity problems and high data bills have made on demand video services less feasible for many. It is difficult for services like Netflix to gain momentum in areas that have problems connecting to the Internet.

Another video on demand company, iRoko TV, has switched to a mobile-first platform, making its product download-only and Android driven. The company, often referred to as the Netflix of Africa, is also working on technology that can compress videos into smaller files, which will allow them to deliver data quickly to any device with broadband abilities.

“The infrastructure, generally, isn’t really here for streaming long-form content,” founder of iRoko TV, Jason Njoku, told Variety. “For millions, the data price-points are way too high to pay for content streaming.”

The amount of data required to use Netflix for one hour can cost the user $4 in developing countries, says State Salem Log. This can translate to $250 each month. However, African users are attracted to the service because video content is offered at cheaper rates than the same content shown on cable networks, State Salem Log reports. Companies are trying to stay ahead of the game, with the hopes that falling data costs and increased Internet connection speeds will create more demand for video on demand services.

Marie Lora-Mungai, co-founder and CEO of African studio Restless Media, who is involved with streaming service Buni.tv, told Variety, “Netflix might be worse equipped than local VOD providers to deal with local infrastructural challenges, in that they traditionally don’t modify their platform to adapt to the specificities of local markets.”

Netflix expanded into 130 countries this January and even shot its first original film in Ghana earlier this year.

– Kaitlyn Arford

Sources: Variety, Wired, Salem State Log, AFK Insider
Photo: Enterprise54

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The Cost to End World Hunger

World hunger and its devastating effects can be eradicated with a fraction of the United States Federal Budget. Discussed below is a breakdown of leading facts and figures about the current state of world hunger, including the cost to end world hunger.

Cost to End World Hunger

The cost to end world hunger…

— $30 billion per year is needed to end world hunger
— $737 billion per year is the amount Congress spends on Defense

cost to end world hunger

How much does it cost to end world hunger?

– Leen Abdallah

World hunger can be eradicated.

A price has been set and estimated by the United Nations to solve this crisis – $30 billion a year. It may seem like a large sum of money, but when compared to the U.S. defense budget – $737 billion in 2012 – $30 billion seems more attainable. The $30 billion expense is manageable, especially when the U.S. would be joined by other investors in global poverty, but the U.S. has the capacity to be the leader on this issue.

An article published in the Los Angeles Times in 2008 states that providing a substantial amount of money directed specifically towards agricultural development could result in high-yields and trigger a second Green Revolution.

Helping the world’s poor is not merely the right and moral thing to do; it also benefits the private sector. Businesses have already thought of a solution: public-private partnerships. The business community works with the U.S. government to sustain agricultural development in poor countries so as to better tackle the problems that businesses face abroad in these underdeveloped and developing nations. These provided funds would not only increase food production but they would ensure that food prices are much more affordable.

Aside from benefits to the private sector and the economy, tackling the global hunger crises presents a better image for the U.S. as a “humanitarian superpower.” Furthermore, the U.S.’ involvement in humanitarian projects would present more American corporations as “respectful partners” within the global community.

The United States Agency for International Development (USAID) has allied with corporate sponsors to support global development. For example, USAID works “with the Schaffer Global Group on a factory in Mali, with Heinz to help Egyptian tomato farmers and with Coca-Cola on clean water projects in a dozen countries.”

Much has been and continues to be done; yet, the U.S. possesses the capacity to do more. There are 870 million people who are under-nourished and the U.S. has the potential to end their hunger.

Source: LA Times, Know Your World:Hunger Facts, USGovSpending

 

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Hidden Cost of Energy: Fuel Subsidies

Hidden Cost of Energy Fuel Subsidies
Nobody wants to pay more for gas.

Fossil fuels account for the vast majority of energy production, and, as non-renewable resources, the price has steadily increased for energy as supply dwindles and demand has surged.  Throughout most of the world, especially the richest nations, the true cost of energy is not seen due to a wide array of fuel subsidies and energy “support.”

There is not much agreement on what exactly constitutes a fuel subsidy but, all seem to agree that a lot of money is being spent on supporting various energy industries by artificially reducing the direct cost of production and consumption. So, while many tactics are employed in reducing energy costs, very few countries accurately report what they spend. Further, assessing the fiscal damage to the environment as well as the lack of funds generated by not imposing taxes (such as those on carbon emissions) become even trickier to estimate.

The International Monetary Fund estimates global fuel subsidies at 1.9 trillion USD, or 8 percent of all governments’ revenue. These estimates are extremely conservative, though, considering the dollar amount they use for the social cost of carbon, $25 per ton, is less than a third of what the UK and independent analysts have found. Also, the estimate does not include the vast majority of energy producer subsidies, only looking at consumer subsidies for oil and coal.

The impact of fuel subsidies is far-ranging. Pre-tax subsidies, or those that are direct cost reductions from the government to consumers, come at a global cost of 480 billion USD according to IMF’s report on 2011’s data. These are funds that are being deprived from social programs for urgencies such as roads, water distribution and poverty alleviation.

Subsidies are often unequally distributed. In developing countries, the IMF found the top fifth of societies in household income reap six times the subsidies of anyone else. The cost of these subsidies is offset by increased prices of other goods and services –resulting in a 6 percent decrease in income for every $0.25 cost decrease per liter.

Artificially increasing demand and consumption for fossil fuels reduces investment and growth in alternative fuel sources as much as the growth of many other markets — especially, exports.

Though developing countries appear to receive the most negative impact, developed nations such as the US and Russia spend the most through post-tax subsidies. Estimates on US subsidies range from $10 billion to $52 billion and do not include any of the associated health or environmental costs.

So, what can be done?

Various countries have successfully phased out tax reduction programs in the coal industry such as Poland, Germany and most developed nations do not offer pre-tax subsidies.  Unfortunately, little progress has been made on oil subsidies, which account for over 2/3 of the total. Developed countries will have to continue to lead the charge in reforming these harmful economic policies.  Transparency to the accurate amounts of what is actually being spent and to whom the money is going to may very well be the first step toward achieving more effective means of viable economic stability and sustainable progress in the use of depleting resources.

– Tyson Watkins

Sources: IMF, IEA, Oil Change International, Grist, BBC News, Climate Progress
Photo: Giphy.com