2024 Author: Jasmine Walkman | [email protected]. Last modified: 2023-12-16 08:29
For thirty years, the Big Mac Index has been an important economic benchmark for many business experts around the world. Although not invented by McDonald's, this value is calculated based on one of the company's most recognizable products. In particular, it is about how long people in different countries have to work to be able to afford to buy a delicious burger.
Experts have focused on the value of the item due to the fact that its price is relatively the same in all sites of the international chain of fast food restaurants, and on the basis of this value determine the quality of life in the world.
To calculate more accurately, the Big Mac index also takes into account the size of the minimum wage in different countries. Of course, the monthly salary cannot determine the quality of life in different countries. The reason is that there are many other quantities that affect the final result. For example, in Poland the minimum wage is 430 euros, and in Bulgaria it is 210 euros. Taxes and deductions in the northern country are twice as high as in Bulgaria.
The other and perhaps most important factor in calculating the index is the parity or the established legal ratio between the currencies of the different countries, expressed in gold. Thus, according to the study, countries with a higher value of their national currency have a higher index than those with a lower value. This puts them up in the Big Mac standard of living.
This year, the McDonald's Big Burger Index puts Bulgaria in an unenviable 38th place. According to the calculation, an average Bulgarian has to work 247 minutes to be able to afford to buy a Big Mac.
Just behind us in 39th place is Mexico, whose inhabitants have to work 280 minutes. In front of us in 37th place is Turkey with 232 minutes. At the top is Denmark. According to the index, Scandinavians have to work only 16 minutes to buy a burger.
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