WASHINGTON- Switzerland and Norway are the world's most expensive economies, followed by Bermuda, Australia and Denmark, according to a new ranking by the World Bank.

The economies with the lowest prices are Pakistan, Egypt, Myanmar, Ethiopia and Laos, according to a review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.

The United States, the world's largest economy, was in relatively affordable 25th place, lower than most other high-income countries. The richest countries, or those with the highest gross domestic product (GDP) per capita on a purchasing power parity basis, were Qatar, Macao, Luxembourg, Kuwait, and Brunei. Eight countries, including Malawi, Mozambique and Liberia, had GDP per capita of less than $1,000.