Karachi ranked sixth most affordable city in the world in the ‘Worldwide Cost of Living (WCOL) index 2022’ report.
According to the Economist Intelligence Unit (EIU), inflation has soared at an average of 8.1% in the world’s biggest cities during the past year the highest in the last 20 years.
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The WCOL has ranked Damascus (Syria) as the most affordable city in the world followed by Tripoli (Libya), Tehran (Iran), Tunis (Tunisia), Tashkent (Uzbekistan), and Karachi (Pakistan). According to the report, the war in Ukraine, Western sanctions on Russia, and China’s zero-covid policies have created supply chain problems, while record interest rate hikes in various countries have significantly increased the cost of
The report has placed Singapore, bagging position for the eighth time in ten years, as the most expensive in the world coupled with New York (United States) and followed by Tel Aviv (Israel), Hong Kong, Los Angeles, Zurich (Switzerland) in the list of top ten countries.
The list of cheapest countries, as per the report, reflected the weak economies and currencies of the countries.
According to the latest report, Asia has dominated the list of the top ten cheapest cities in the world.
The survey, which was conducted between 16th August and 16th September 2022, claimed to have tracked the prices of 200 goods. Ukraine’s capital Kyiv was excluded from this year’s survey due to the Russia-Ukraine war.
