Disclaimer: All of the GDP, literacy rate, etc. data is from the CIA WorldFactbook 2003 and 2004.  The information on costs is from my experience and that of friends only.  It is from the point of view of a young, American traveller and is only a general guide.  Obviously as people's incomes and needs vary so too will their view on "cheap" or "pricey."   Also, exchange rate fluctuations can cause prices to change rapidly (up or down).
 

KOREA   South Korea has a population of about 48 million and a per capita GDP ( purchasing power parity) of US$19,400.  With almost 100% literacy and only 4% of the population below the poverty line, Korea is a modern  and prosperous nation - while only 30 years ago, its GDP per capita was equal to the poorer nations of Africa.  It is a constitutional republic and has made great progress to become a democratic country with a civilian government. As a visitor, plan for costs of about  $50 a day, more in Seoul, less outside of it, for a moderate budget staying in yogwans, eating local.  Western food and hotels will set you back about $150 a day.  Trains and buses are reasonable, for example a train from Seoul to Pusan is about $25.  Average Korean restaurant, the kind students and the middle class go to, costs about $4-8.  Beer is about $1 a pint when bought on tap and soju costs about $2 a bottle in bars/$0.80 in 7-11 or FamilyMart.

THAILAND   Thailand is a constitutional monarchy, proud to be the only Southeast Asian nation never overtaken by a European power.  It was established as a unified nation in the mid- 14th century.  It has a population of about 64.2 million and a GDP per capita (ppp) of US$6,900.  About 12.5% of people live below the poverty line.  It has a literacy rate of about 95% and is known for having a peaceful and tolerant society. Thailand is a well touristed country with a wide variety of prices.  Staying in moderate priced hotels and eating local will cost about $20 a day, comfortable living about $50 a day, and the most upscale traveller can enjoy world class hotels and restaurants for closer to $200 a day.  Local restaurant run about $0.40 to $2 a meal with street snacks like pad thai for about $0.15.  Bottled beer is about $1 each and Thai whiskey and rum about $3 a pint.  Trains and public long-distance buses are good and cheap; ex. 2nd class sleeper Nong Khai to Bangkok, $15.

CAMBODIA   Cambodia is a moderate size, tropical country in Southeast Asia.  Its population is about 13 million and its per capita GDP (ppp) is US$1,500.  The nation is still recovering from the effects of many years of conflict with Vietnam, the U.S. and the Khmer Rouge.  1999 was the first full year of peace in 30 years.  36% of people live below the poverty line and the literacy rate is about 70% (80% males, 60% females).  Technically it is a democracy under a constitutional monarchy but there has been significant problems with holding free and fair elections (when I was there, several dozen candidates and one poll worker were killed during the run-up to the election).  Cambodia is mixed on the costs issue.  Lodging and food are cheap, from $3 for a simple bed no bath to $15 for air-con and hot water bath and up from there, but entrance to Angkor is $20/day, $40/ 3 days, and transport is a bit pricey if you don't want to ride in the back of a truck for 12 hours.  Ex. boat from SR to PP is $25.  Average daily costs for a budget traveller (simple fan rooms with bath, local eating)  would be $30 while travellers needing a bit more comfort (private taxis, air-con etc) can do well on $50 a day.  Only in Siem Reap and PP are there upscale hotels of $50 and up per night.

LAOS   Laos has the dubious distinction of being the most bombed country in history.  Ending a six century old monarchy, it had been controlled by the Communist Pathet Lao since 1975.  With a population of a little under 6 million, it is a fairly low density country.  Suffering from an almost total lack of infrastructure (no railways; limited roads, electricity and communication systems) and a 53% literacy rate (67.5% males, 38% females), it has a GDP per capita (ppp) of US$1,700.  About 40% of the population lives below the poverty line. Laos can be travelled very cheaply without sacrificing much comfort; a budget of $20 a day will get you nice rooms with inside baths/hot water and quality dining.  Food is great at $1-3 a meal and beer and the local liquer (lao lao) are cheap.  Outside of Vientiane and Luang Prabang though, there are limited nicer hotels.  It is almost impossible to spend more than $50 a day in Laos.  Almost everywhere in Laos, the mid-priced hotel is the best deal ($8-15) if you aren't counting your kip.  There are no trains, bus travel is cheap but hard, and Lao Aviation is of dubious safety.  All are cheap to a westerner though so choose your mode of transport not by price but by safety- example, fly from Vang Vieng to LP to avoid Route 13 or choose taxis in some other areas.

BARBADOS   Barbados is a small island nation and former British colony.  With a population of about 277,000, it is the most densely populated nation in the Western Hemisphere.  Heavily dependent on tourism, it has a per capita GDP (ppp) of US$14,500, making it the richest nation in the Eastern Caribbean.  It has a high literacy rate and a large middle class.  It is a parliamentary democracy and independent member of the British Commonwealth. This is an expensive country, expect to spend from $20 and up for food and $35 and up for lodging per day.  Buses are cheap though and beaches are free.  Activities include the beach, watersports such as sailing and scuba diving, clubbing and bar hopping.  If you just want to relax on the beach it is not too expensive but if you wish to do more, the costs of renting equipment (dive stuff, boats) and the high price of dining out and drinks can run your bill up quickly.  Dinner out at a moderate restuarant is $12-20, drinks $2-5.  Minimum daily budget is $70 though there are hotels catering to the rich that run up to $1000 a night.

UNITED STATES   The United States is the third most populated nation in the world with 290.3 million residents.  Fortunately for it, it is also the third largest country by size.  It has a literacy rate of about 97% and a per capita GDP (ppp) of US$37,600.  About 12% of people live below the poverty line (please note this is defined differently by each nation).  It is a constitution based federal republic with 50 states, one district and 14 dependent areas The United States is more reasonably priced than many people think.  Outside of the major metropolitan areas of New York, D.C., and San Francisco, it is quite possible to find hotel rooms that sleep four priced at $40-60 a night and some hostels with beds for $15-20 a person.  Even touristy areas can be reasonable- a plenty good enough hotel can be found in Kissimmee (Disney World area) for $45.  Meals can be very cheap if you like fast food but there a tons of little "mom and pop" restaurants where a meal will run less than $10 per person.  It is much more costly for a single traveller as hotels in the U.S. are based on double occupency rates and one person thus pays the same as two, but a two or more people travelling together should be able to get by on $40 a day each.  Obviously it is easy to spend far more and the bigger the city or the more the travelling the higher the total cost of a stay in the U.S.

MONGOLIA   Mongolia is a thinly populated country of some 2.7 million people.  A parliamentary democracy, it became independent in 1924 and was under communist rule until recent years.  It has almost universal literacy but lacks infrastructure and its traditionally nomadic society is still dependent on agriculture and breeding of livestock.  It has a GDP per capita (ppp) of about US$1,800 and about 36% of people live below the poverty line.  It had little arable land with vast desert and semi-desert plains, along with mountains in the west and southwest.  It has large daily and seasonal temperature ranges. Mongolia is moderate in price.  A dorm bed will run $4 in UB, meals $2-5.  A homestay in a ger can be arranged for $35-50 a day including all meals and use of horses and maybe a guide.  There are also tourist camps with horse riding and such for about $50 a day.  Land transport is mostly shared taxi or paid hitchhiking, for long distances most people fly.  Russian and Mongolian vodka is very cheap and very ubiquitous. I highly recommend hiring a translator if you want to get out into the countryside, even though independent travel is possible, having someone along will really enhance your stay and let you learn a lot more about the Mongolian life.  Cost should range between $10-30 a day for someone who speaks English and Mongolian, other languages are also possible and of course this cost can be split among a small group.

CHINA   China is the largest country in the world by population, about 1.3 billion, and the fourth largest by land area, or slightly smaller than the US.  Once one of the world's most advanced civilizations, modern China has had political and economic difficulties, although its strong and unique culture still thrives.  Communist since 1949, it has a GDP per capita (ppp) of $4,400 and a literacy rate of 86% (93% male, 79% female).  It is very geographically diverse, which is no surprise given its large size. Han Chinese are the ethnic majority, making up about 90% of the population. The eastern part of China is the most expensive - Beijing and Shanghai - but all of it is very affordable to a western traveller.   In Beijing a nice and clean hostel runs about $7, decent hotels about $15 and up for a double, and western hotels like the Sheraton for $60 and up.  The nicest hotels in town will set you back $150 or more.  Food is very cheap, good dining in local restaurants about $1-2, western places $4-6, and very nice places $10-15.  I was more than satisfied with the quality of food at the $1-2 level and food is my main thing.  Outside the main cities priced drop a little.  Trains and buses are fairly cheap also.

VIETNAM   In recent history, Vietnam has been part of French Indochina, a divided nation, and a reunited Communist state since the 1970s.  The war and central planning have severely damaged Vietnam's economy- it now has a GDP per capita (ppp) of $2,250 and almost 40% of people living below the poverty line.  It has a population of about 80 million and a literacy rate of about 94%.  It is very slowly modernizing its infrastructure and opening up its economy. Vietnam has overpriced lodging and underpriced food.  Not so great hotel rooms are about $6 and up (outside of Saigon which is cheaper and of better quality because of the competition) while there are no guarantees that a $15 hotel will be much better.  Meals though tend to be great at $2 and less including tea or coffee.  Beer is only about $0.15 for a pint (bia hoi or draft beer).  Overall daily budget for a backpacker comes in at about $25 (inc. averaged transport etc.) while more moderate travellers may spend about $40 although the only thing they will get nicer quality of is the hotel room.  There is only one or two basic transport options for foreigners (tour bus or train) inbetween cities and the food does not get better as the price goes up; in fact, the opposite is very much true.  Cheap Vietnamese food is very good and is your best bet.

HONG KONG   A British colony for 150 years, Hong Kong was returned to China in 1997, becoming Hong Kong Special Administrative Region.  China has promised it a high degree of autonomy for 50 years and that it can keep its free market economic system until then.  HK's population is about 7.4 million, mostly packed into small Hong Kong Island (the other main areas are the New Territories and Lantau Island).  With a literacy rate of 94% (97% males, 90% females), Cantonese and English as official languages, and a strong free market economy based on int'l trade, Hong Kong is one of the most prosperous regions in Asia.  It has a GDP per capita (ppp) of $26,000 and a very low poverty rate.  I do not know how much a hotel runs in Hong Kong but I think it is somewhere between the costs of the U.S. and Japan so decent places are about $50 and up.  Hotels like the Intercontinental and the Peninsula will run $175 and up.  Food in local Chinese places is good and about $3-5 but Hong Kong also abounds in pricey international cuisine.  Alcohol is best bought in Chinese restaurants or package stores.  Taxis are affordable and the metro is cheap.

TAIWAN   An island of 22 million people, Taiwan is democratic and has a good economy.  With a GDP per capita (ppp) of $16,000 and a poverty rate of less than 1%, Taiwan is one of Asia's "Four Tigers"  It also enjoys a literacy rate in the mid-90s.  Internationally though, it has major issues with much debate on its status as an independent nation.  Currently it is not a member of the United Nations and is diplomatically recognized only by some countries. For example, the United States does not have an Embassy there, but instead has a Cultural Center. In Taipei a double hotel room is about $20-40 and a meal about $3-6.  Of course it goes up from there but this isn't a poor country and most people will be statisfied with the quality of rooms and food at that range.  I do not know anything more about costs since I didn't leave Taipei but most things seems about the same costs as Korea.

JAPAN   Often grouped into the so-called "Western nations", Japan has an ancient history with a modern culture.  Its standards of living are high and equal to that of many European nations.  A crowded island nation of 127 million, Japan has universal literacy and a high GDP per capita (ppp) of $28,000.  It has had economic difficulties of late though and is having a tough time competing with its Asian neighbors in the realm of exports.  A constitutional monarchy with a parliamentary democracy, Japan is politically stable with a pacific constitution. Japan is pricey no doubt about it.  In cities like Nagasaki a business style hotel room is about $35-50 a person, double occupacy.  Tokyo is more expensive.  Meals in little all night noodle shops are $2-3, moderate western and Japanese places about $9-14, and seeing as how the Japanese love conspicious consumption, there is no upper limit.  Drinking is a national pastime but a moderate priced but classy bar will leave a light drinker with a tab of at least $20, some clubs offer all you can drink for $20+.  Beer in vending machines is about $2 a can.  Transportation is also pricey, with even short train trip running $30 and up while taxis are about $5 flagfall. Overall I spent an average of $75 a day in Japan although if I had moved about less I might have been able to get away with $50 a day.  But honestly, Japan is one of those places you just budget a lot for and enjoy it instead of trying to pinch yen, failing, and hating it.

COSTA RICA   Costa Rica is a success story for Central America.  With the signing of its constitution in 1949, it abolished its military and has since progressed greatly as a peaceful and democratic nation.  Today it has the highest standard of living in Central America with a literacy rate of 96% (male and female) and a per capita GDP (ppp) of $8,300.  Its economy relies mostly on tourism along with agricultural and electronics exports.  There is still work to be done of course, for example, reduction of high inflation and reduction of poverty, but Costa Rica is setting a good example for developing nations. Costa Rica is moderately priced- cheaper than Europe or the United States but more expensive than much of the rest of Latin America.  For a person on a moderate budget, nice rooms can be had starting at about $10 per person (inside bath, electric shower), meals range from $2 for a casado in San Jose to $4-8 for dinner in a touristy area such as Nicoya Peninsula.  One downside is that aside from the comida tipica (typical food) consisting mostly of rice, beans, chicken, and cabbage salad, food prices run high.  San Jose has a good selection of restaurants but outside of that, all the major destinations know their market and charge for variety in food.  Many hotels have kitchens though and you can save big money by cooking a few times a week.  Transportation is cheap if you use the public bus- prices range from 100 colones for city bus in SJ to $18 for a trip to Managua, Nicaragua.  Most trips will run about $4-5.  One big expense is tours.  Many of the interesting sights and activities can only be done on tours (ex. canopy walks, horse rides, surfing lessons, volcano tours) which are priced close to US prices.  A dirt cheap day with no buses or tours will run about $10; while for most people, overall daily averages (a few tours, buses, mid-range hotels) will run about $30-45.

NICARAGUA Nicaragua is in the middle of Central America, between Honduras and Costa Rica. This "land of fire and volcanoes" has a history to fit its geography having its first free election in 1990 after years of military dictatorships, Marxist rule and the Contra fighting. Far more democratic and peaceful today, it's population is now at 5.36 million. The literacy rate is at 67.2%(m)/67.8%(f) and, consistently vying with Haiti for title of Western Hemisphere's poorest country, the per capita GDP (ppp) is $2,300. Unemployment is high and income distribution is unequal, with 50% of people below the poverty line. Suffrage is universal at age 16 and the people tend to be very politically active/aware. Nicaragua is very cheap for a traveller from the US or western Europe. In most cities such as Leon, Granada, or Esteli, a single room with shared bath can be had for US$5 or less, rooms with private bath and hot water in the cooler areas can be had for about $9 and up. Small town hospedajes can be less than $3/pp. If you are studying Spanish or volunteering and plan to stay in one city for a week or more, homestays will run from $50-70/week for room and board. I had a homestay for $60/week in Granada with my own room and bathoom and 3 meals a day. Taxis cost from $0.50 to $1 per person in the cities other than Managua, inter-city bus fare averages about $1 for a 1-2 hour trip and up, and expreso buses only a little more but quicker and less crowded. Managua and the beach areas like San Juan Del Sur run a little more; Managua around $15 for a safe and comfortable room, SJDS $5 for dorm bed and on up. Food is very cheap if you are willing to eat local, in the markets a meal of gallo pinto, fried cheese (very tasty) and plantains can be as little as $1; hamburgers, pizza and tacos etc. run about $2-3, European food and seafood runs $6-10+ depending on when and where. Tap water is drinkable in the major cities with bottled water easily available elsewhere. Out of the way areas like the Corn Islands are more expensive because of the difficulties of getting food supplies in. The locally produced rum, Flor de Cana is quite high quality and very cheap; a bottle of 7 year old rum costs about $6 in a store; restaurants often sell it as a package deal with ice, limes and Coke. An even cheaper but (so I hear) not near as good rum is Ron Plata. Beer in a restaurant is about $0.80 a bottle for locally made Victoria or Tona. Unlike Costa Rica, many of the sights can be seen without tours by hiking, hitching or public transportation. Join the locals on the ferry to Ometepe Island, hop a colectivo taxi to San Juan Del Sur or take a bus to Laguna de Apoyo, almost any city and most of the volcanos. This makes Nicaragua a lot cheaper to explore. $20 a day can get you a nice room with private bath, two local meals and one "foreign" type plus all the bus travel you can stand for (sometimes literally when there are no seats). Travellers with a companion, those staying in one place for a long time, or those willing to camp when possible can get by on under $300/month without too much trouble.

HONDURAS A democratic nation after free elections were held in 1982, Honduras is safer today than in years past but still struggles with high crime and high unemployment. With a per capita GRP (ppp) of $2,600 and a 53% poverty rate, natural disasters like 1998's Hurricane Mitch (5,600 dead and US$2 billion in damages) and other smaller storms and floods are hard to recover from. Honduras's 6.8 million people have a median age of 19 years and a literacy rate of 76.2 percent. The capital of Tegucigalpa is a modern city with modern conveniences. American fast food chains (many, many, many of these) and local restaurants in all price ranges fill the downtown along with a bustling market area, shops, and department stores. Meals run US$1.50 ( about 30 lempira in 2004 ) and up (average around $3-4), internet about $.75/hr, hotel with central hot water/fan/tv for about $12 (try Granada 1,2 or 3) with cheaper dorms available and of course more expensive places too. Taxis from downtown to the airport are about 60 lempira, around town about 30 lempira. Movies in the theater cost about 22 lempiras with frequent specials for 11 lempira. Schedules are not that far behind the U.S. There are several nice parks and cathdrals to see along with a variety of day trips. While the main shopping and dining areas are safe enough during the day, be careful after dark and especially very very careful in the market area across the river (its a "twin" city) from Tegucigalpa at night.