These 20 countries are the cheapest to visit now — the closest one to Taiwan is just a 4-hour flight away

Sabah is a famous resort destination in Malaysia. (Photo provided by Shutterstock)

Worried about your travel budget but still want to go abroad? The World Economic Forum (WEF) released its tourism report last month, which not only analyzes the global competitiveness rankings of tourism but also lists the 20 most affordable countries in terms of cost of living — some of which are also popular holiday destinations among locals. Here's a look at the most cost-effective countries to visit.

According to the World Economic Forum (WEF)'s 2017 Travel and Tourism Competitiveness Report, among the 20 most affordable travel destinations in the world, there are six Asian countries: Thailand, Malaysia, Indonesia, Mongolia, Laos, and Bhutan. Thailand can be reached from Taiwan in just four hours by flight, and boasts beaches, delicious food, and luxury hotels; Malaysia, meanwhile, has a price competitiveness rating second only to Iran and Egypt among tourist nations.

In addition, the list also includes Eurasian country Russia, as well as Nepal, India, Sri Lanka, Guatemala, Egypt, Tunisia, Saudi Arabia, Kazakhstan, Qatar, Botswana, Yemen, Algeria, and Iran.