Travel is expensive. Between flights, hotels, meals, transportation, and the barrage of tourist traps, it is hard to keep to a strict budget when travelling in a foreign land.
However, it’s even harder if you don’t do your due diligence.
In the recently published 2015 Travel and Tourism Competitiveness report, the World Economic Forum ranks 141 world economy’s based on the price competitiveness of each economy, or how cheap/expensive it is to travel in that country. This takes into account things like average cost of a flight to and from that area, average cost of hotel accommodations, cost of living, fuel prices, and purchasing power parity (PPP) *.
Knowing the costliness of visiting an area can make all the difference between travelling sensibly and hitchhiking back to the airport.
Note: Hotel and gas conversions are based on the US Dollar and information from the World Bank and are subject to change. PPP is relative to the country’s home currency.
*An example of PPP: If the PPP in the United States is 1 and the PPP in Poland is .6, then a cup of coffee in Poland is 40 per cent cheaper than it is in the US, relative to the Polish zloty. PPP is based on the GDP of each economy.
Flying to Switzerland won't break the bank, because it ranks 30th of 141 economies based on cheapest airfare. To stay in a first-class hotel will cost you an average of $US123.40 per night, making it the 39th cheapest.
On the negative side, the PPP in Finland is 20 per cent more expensive than the United States -- ranking it at 134th. In addition, gas stands at a whopping $US7.86 per gallon, ranking it 131st of 141.
Ireland ranks 79th of 141 economies in terms of plane ticket affordability, making it a middling destination for air travel. A first-class hotel costs about $US126 per night, making it the 46th cheapest.
The PPP will hurt you, as goods and services cost 10 per cent more in Ireland than they do in the US, which ranks 124th. Gas will run you $US7.63 per gallon, ranking it 128th.
Seychelles is an island nation in the Indian Ocean between Somalia and Madagascar. Airfare is not particularly cheap, as Seychelles ranks 89th of 141 in cheapness of air travel. If you want to stay in a hotel in Seychelles, you can expect to pay an average of $US374.70 per night, ranking it 101st of 102 economies for which data was available
The PPP in Seychelles is .6, which is 40 per cent less than that of the United States, but still 84th on the overall rankings. Gas costs $US5.62 per gallon (82nd).
Flying to Canada is not cheap, as it ranks 130th of 141 economies surveyed. A hotel in Canada costs an average 0f $US124.40 per night, good for 41st cheapest.
Goods and services in Canada -- according to PPP -- are roughly 20 per cent more expensive than in the US, ranking it at 132. Gas costs $US5.98 per gallon, ranking at 60th cheapest.
The average cost of a hotel room in the Asian country is $US185.20, ranking it 80th overall. In addition, gas costs roughly $US3.93 per gallon, good for 30th cheapest.
The World Economic Forum was unable to determine the airfare costs or the PPP of Myanmar.
Germany ranks 110th of 141 economies in airfare. A first-class hotel room is $US125.90 per night, coming in at 44th cheapest.
In terms of PPP, goods and services in Germany are about equal with the US (i.e. a cup of coffee costs about the same), ranking at 121st. A gallon of gas in Germany costs an exorbitant $US7.40 per gallon, ranking 122nd.
The Caribbean island of Barbados features reasonable airfares that rank 52nd in the world. But you will more than make up for it with hotel rates that average $US337.50 per night -- good for 100th.
The PPP is equal to that of the United States at 1, and ranks 118th overall. Gas costs $US4.72 per gallon, which is tied for 48th in the world with several other countries.
If you want to visit the west African nation of Senegal, be prepared to pay a hefty fee. Flights to Senegal rank 136th of 137 economies from which data was recovered.
But the PPP in Senegal is 50 per cent less than that of the US at .5, and 49th cheapest overall. Gas runs you around $US6.50 per gallon, good for 98th of 141.
Average hotel rates in Senegal could not be determined.
Austria ranks 125th in airfare and 45th in hotel accommodations, with a room costing $US125.90 per night on average.
Goods and services in Austria are roughly 10 per cent more expensive then they are in the US, and Austria PPP ranks 127th overall. Gas costs $US6.84 per gallon and ranks 111th overall.
Italy ranks 83rd in airfare rates while a hotel room will run you $US170.50 per night; good for 76th in the world.
In terms of PPP, Italy is equal to the United States and ranks 120th in the world. The price of gas in Italy is $US8.61 per gallon, ranking near the bottom at 137th.
Israel sits at 77th in the world in airfare prices and 83rd in hotel room accommodations, with a room costing an average of $US201.30 per night.
Thanks to a 10 per cent difference in PPP, goods and services in Israel are slightly more expensive than in the US at 1.1 (126th). And despite being in the Middle East, gas in Israel costs about $US7.59 per gallon, good for 127th.
France cracks the top three, aided by airfare rates that rank 114th in the world. To stay in a nice French hotel, one can expect to pay about $US219.80 per night, which ranks 93rd of 102 economies from which data was recovered.
Goods and services in France are about 10 per cent more than the US and sit at 128th overall with a 1.1 PPP. Gas costs about $US7.21 per gallon, good for 118th in the world.
Switzerland is the most expensive country in the world to visit. Flying to Switzerland is not cheap, as Swiss airfare rates rank 101st in the world. Once you get there, expect your hotel to cost you an average of $US241.60 per night, good for 97th of 102 economies surveyed.
The PPP of Switzerland is 1.5 (137th), which means that goods and services in Switzerland will cost 50 per cent more than they do in the US. Finally, gas costs $US7.10 per gallon, which is 117th in the world.
Some of these areas are among the most popular tourist destinations in the world. But before you get on that plane make sure you packed enough cash.
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