Published: Monday, 21th October 2024
The Standard of living in Palau is 2.20 times better as compared to Liberia.
In this page, you will find side-by-side Standard of Living comparison between Palau and Liberia. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between Palau and Liberia.
 Indicators  | Palau  | Liberia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $322 million USD | $4.347 billion USD |
GDP Per Capita (2023)  | 17,448 USD | 800 USD |
GINI Ratio (2023)  | 0.42 | 0.35 |
Inflation on Consumer Prices (2023)  | 12.8 % annually | 23.56 % annually |
Central Government Debt (2023)  | 85.2 % of GDP | 20.3 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Palau is $322 million USD and that of Liberia is $4.347 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in Palau contributes more to the country's economy compared to a person working in Liberia.
Indicators | Palau | Liberia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.797 | 0.487 |
Human Capital Index (HCI) (2024)  | 0.59 | 0.32 |
Literacy Rate (2023)  | 96.59% (15 years+ above age) | 48.3% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.4 years | 63.5 years |
Healthy Life Expectancy Ratio (2023)  | 61.2 years | 54 years |
Poverty Ratio (2023)  | 24.9% of total Population | 50.9% of total Population |
Unemployment Rate (2023)  | Yet to Update | 2.94% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of Palau is [ 0.797 ] and the HDI of Liberia is [ 0.487 ].
The data shows that the people living in Palau has better income, life expectancy and education level compared to Liberia.
Indicators | Palau | Liberia |
|---|---|---|
Gross National Expenditure (2023)  | 160.24 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | 17.1 % of GDP | 16.62 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 7.52 % of GDP | 2.42 % of GDP |
International Tourism Expenditure (2023)  | 23.30 million USD | 51 million USD |
Number of International Tourists Arrivals (2023)  | 18,400 | Yet to Update |
Military Expenditure (2023)  | Yet to Update | 1.27 (% of GDP) |
Indicators | Palau | Liberia |
|---|---|---|
Number of Doctors (2023)  | 18.2 (Per 10,000 People) | 1.71 (Per 10,000 People) |
Number of Nurses (2023)  | 82.7 (Per 10,000 People) | 4.92 (Per 10,000 People) |
Number of Pharmacists (2023)  | 3.6 (Per 10,000 People) | 0.24 (Per 10,000 People) |
Available Hospital Beds (2023)  | 4.8 (Per 1000 People) | 0.8 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 90.3 % of total Population | 97.8 % of total Population |
Palau has 10.64 times more Doctors compared to Liberia (Per 10,000 People).
Palau has 16.81 times more Nurses compared to Liberia (Per 10,000 People).
Indicators | Palau | Liberia |
|---|---|---|
Agricultural Land (2023)  | 43 Sq Km | 19,230.4 Sq Km |
Forest Area (2023)  | 414.9 Sq Km | 75,871.8 Sq Km |
CO2 Emissions (2023)  | 0.5 kg per PPP $ of GDP | 0.14 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 31.8 % of total Population |
Access to Internet (2023)  | 26.97 % of total Population | 33.63 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | 0.15 Billion cubic meters |
100% of the total Population of Palau has access to the electricity in their homes, whereas, in case of Liberia, 31.8% of the total Population has access to electricity.
Indicators | Palau | Liberia |
|---|---|---|
Time Required to Start a Business (2023)  | 28 Days | 18 Days |
New Businesses Registered (2023)  | Yet to Update | 73 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 0.02 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 2.2 % of GNI Per Capita | 6.3 % of GNI Per Capita |
It usually takes 28 days in Palau and 18 days in Liberia to register a new business legally and systematically.
Indicators | Palau | Liberia |
|---|---|---|
Imports of Goods and Services (2023)  | 78.34 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 24.07 % of Merchandise Imports | 19.75 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 605 USD | 1,012.5 USD |
Time to Import Border Compliance (2023)  | 84 Hours | 217 Hours |
Cost to Import Documentary Compliance (2023)  | 100 USD | 405 USD |
Time to Import Documentary Compliance (2023)  | 96 Hours | 144 Hours |
Indicators | Palau | Liberia |
|---|---|---|
Exports of Goods and Services (2023)  | 14.2 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 0.46 % of Merchandise Exports | 0.004 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 505 USD | 1,112.5 USD |
Time to Export Border Compliance (2023)  | 101.71 Hours | 193 Hours |
Cost to Export Documentary Compliance (2023)  | 100 USD | 330 USD |
Time to Export Documentary Compliance (2023)  | 72 Hours | 144 Hours |
Indicators | Palau | Liberia |
|---|---|---|
Gross National Savings (2023)  | 2.82 % of GDP | Yet to Update |
Tax Revenue (2023)  | 17.93 % of GDP | 12.46 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.12 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 14.15 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 12.34 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 52 Hours | 139.5 Hours |
Customs and Other Import Duties (2023)  | 32.32 % of Tax Revenue | 39.08 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Palau and Liberia.
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