Published: Monday, 21th October 2024
The Standard of living in Panama is 1.20 times better as compared to Mongolia.
In this page, you will find side-by-side Standard of Living comparison between Panama and Mongolia. 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 Panama and Mongolia.
 Indicators  | Panama  | Mongolia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $82.3 billion USD | $18.782 billion USD |
GDP Per Capita (2023)  | 18,493 USD | 5,348 USD |
GINI Ratio (2023)  | 0.50 | 0.33 |
Inflation on Consumer Prices (2023)  | 1.49 % annually | 10.35 % annually |
Central Government Debt (2023)  | Yet to Update | 67.6 % 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 Panama is $82.3 billion USD and that of Mongolia is $18.782 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 Panama contributes more to the country's economy compared to a person working in Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.820 | 0.741 |
Human Capital Index (HCI) (2024)  | 0.5 | 0.61 |
Literacy Rate (2023)  | 95.74% (15 years+ above age) | 99.18% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 77.2 years | 70.1 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years | 61.3 years |
Poverty Ratio (2023)  | 21.5% of total Population | 27.8% of total Population |
Unemployment Rate (2023)  | 6.7% of total labor force | 6.13% 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 Panama is [ 0.820 ] and the HDI of Mongolia is [ 0.741 ].
The data shows that the people living in Panama has better income, life expectancy and education level compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Gross National Expenditure (2023)  | 100.07 % of GDP | 93.5 % of GDP |
Total Health Expenditure (2023)  | 9.68 % of GDP | 6.91 % of GDP |
Research and Development Expenditure (2023)  | 0.18 % of GDP | 0.09 % of GDP |
Government Expenditure on Education (2023)  | 3.89 % of GDP | 4.26 % of GDP |
International Tourism Expenditure (2023)  | 601 million USD | 573 million USD |
Number of International Tourists Arrivals (2023)  | 647,000 | 66,900 |
Military Expenditure (2023)  | 0.97 % of GDP | 0.6 (% of GDP) |
The total Gross National Expenditure of Panama is 100.07% of its GDP and the total Gross National Expenditure of Mongolia is 93.5% of its GDP.
From the above data, we can say that Panama spends 1.07 times more of its GDP on Gross National Expenditure compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Number of Doctors (2023)  | 17.34 (Per 10,000 People) | 38.7 (Per 10,000 People) |
Number of Nurses (2023)  | 37.5 (Per 10,000 People) | 42.2 (Per 10,000 People) |
Number of Pharmacists (2023)  | 2.3 (Per 10,000 People) | 6.83 (Per 10,000 People) |
Available Hospital Beds (2023)  | 2.25 (Per 1000 People) | 8 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 99.1 % of total Population | 99.1 % of total Population |
Panama has 2.23 times less Doctors compared to Mongolia (Per 10,000 People).
Panama has 1.13 times less Nurses compared to Mongolia (Per 10,000 People).
Indicators | Panama | Mongolia |
|---|---|---|
Agricultural Land (2023)  | 21,813.16 Sq Km | 1,126,312 Sq Km |
Forest Area (2023)  | 42,024.23 Sq Km | 141,716.7 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.46 kg per PPP $ of GDP |
Access to Electricity (2023)  | 95 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 67.51 % of total Population | 81.61 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.21 Billion cubic meters | 0.46 Billion cubic meters |
95% of the total Population of Panama has access to the electricity in their homes, whereas, in case of Mongolia, 100% of the total Population has access to electricity.
Indicators | Panama | Mongolia |
|---|---|---|
Time Required to Start a Business (2023)  | 6 Days | 12 Days |
New Businesses Registered (2023)  | 13,048 (New Businesses) | 15,488 (New Businesses) |
New Businesses Registration Density (2023)  | 4.55 (Per 1000 People) | 7.24 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 5.8 % of GNI Per Capita | 1.2 % of GNI Per Capita |
In the year 2023, 13,048 new businesses got registered in Panama and 15,488 new businesses got registered in Mongolia.
It usually takes 6 days in Panama and 12 days in Mongolia to register a new business legally and systematically.
Indicators | Panama | Mongolia |
|---|---|---|
Imports of Goods and Services (2023)  | 47.99 % of GDP | 69.23 % of GDP |
Total Fuel Imports (2023)  | 20.08 % of Merchandise Imports | 22.29 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 490 USD | 209.78 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 48 Hours |
Cost to Import Documentary Compliance (2023)  | 50 USD | 82.56 USD |
Time to Import Documentary Compliance (2023)  | 6 Hours | 114.67 Hours |
Indicators | Panama | Mongolia |
|---|---|---|
Exports of Goods and Services (2023)  | 47.92 % of GDP | 78.01 % of GDP |
Total Fuel Exports (2023)  | 0.3 % of Merchandise Exports | 53.88 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 270 USD | 225.11 USD |
Time to Export Border Compliance (2023)  | 24 Hours | 134 Hours |
Cost to Export Documentary Compliance (2023)  | 60 USD | 63.89 USD |
Time to Export Documentary Compliance (2023)  | 6 Hours | 168 Hours |
Indicators | Panama | Mongolia |
|---|---|---|
Gross National Savings (2023)  | 37.15 % of GDP | 31.38 % of GDP |
Tax Revenue (2023)  | 7.46 % of GDP | 16.91 % of GDP |
Taxes on Exports (2023)  | 0.000002 % of Tax Revenue | 0.001 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 33.26 % of Tax Revenue | 30.94 % of Tax Revenue |
Taxes on International Trade (2023)  | 3.79 % of Revenue | 7.01 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 408 Hours | 134 Hours |
Customs and Other Import Duties (2023)  | 5.7 % of Tax Revenue | 12.81 % of Tax Revenue |
The taxes charged by Panama on international trade is 3.79% of the total revenue and the taxes charged by Mongolia on international trade is 7.01% of the total revenue.
The Taxes charged on International Trade by Panama is 1.85 times less of its total revenue than of Mongolia.
We hope you enjoyed the detailed guide on the standard of living comparsion between Panama and Mongolia.
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