The biggest burden falls on low- and middle-income nations, home to around 80% of the world's 1.1 billion smokers aged 15 or over.
In 20th Century, tobacco epidemic killed 100 million people worldwide killing 1 in 10 adults and if it remained uncontrolled, during 21st century, it could kill one billion.
Tobacco companies are not alone in using such economic analysis to emphasise the benefits of their existence.
Such measures can also greatly reduce tobacco use and protect people's health from the world's leading killers, like cancers and heart disease.
NCDs like cardiovascular disease, cancers, chronic obstructed pulmonary disease, and diabetes account for about 16 million premature deaths (which means before a person's 70th birthday) every year, said WHO.
Tobacco use is the single largest preventable cause of death worldwide but governments spent less than $1 billion to tackle the health issue in 2013-2014.
About 24 million Pakistanis, 36 percent of adult males and 9 percent of adult females are smokers while the trend to use E-cigarette is increasing rapidly in new generation especially in students.
But the decline in smoking in the USA and other higher income countries has been countered by rising tobacco use in lower- and middle-income countries.
Nearly half of Russian Federation is hooked on cigarettes, with almost 40 percent of its 143-million-strong population regularly puffing away on tobacco products.
As part of the "Antitobacco Concept signed by" Health Minister Veronika Skvortsova, the plan outlines government efforts to curb smoking from 2017 to 2022 but it has yet to be approved by the government and its agencies.
Because of technological innovations and the shift from state-owned to private tobacco companies, the number of jobs that depend on tobacco has been falling in most countries, the report said.
However, the authors of the study say, the problem lies in the fact that few governments invest the money collected from tobacco taxation in anti-tobacco policies.
"High levels of corruption, lack of commitment to addressing illicit trade, and ineffective customs and tax administration have an equal or greater role in driving tax evasion than do product tax and pricing", the press release read.
As well as the cost-effective measures outlined above, the World Health Organization also said governments should move to crack down on the illicit tobacco trade and suggested policies to limit the market power of tobacco companies could "hold promise".