Did you know Karachi Listed Among Economists 10 Most Affordable Cities in the World Again The Economist Intelligence Unit has released its annual report on the global cost of living in 2023. (EIU).
According to the survey, Karachi is one of the most reasonably priced cities. EIU, a division of the UK-based Economist Group that provides forecasting, consulting, research, and analysis, publishes an annual report titled “Worldwide Cost of Living.”
The two most affordable cities on the list are Damascus, the capital of Syria, and Tripoli, the capital of Libya. Due to the ongoing wars in Syria and Libya, the economies of those countries stayed unstable this year. Tunis, Tunisia, ranks 4 on the list.
Eight cities in Asia have been unexpectedly ranked among the most affordable in the world. When compared to other major cities in Central Asia, Tehran (Iran),
Tashkent (Uzbekistan), and Almaty (Kazakhstan) have moved up the rankings, while Karachi (Pakistan) has remained in the same spot at number six since the 2021 survey.
Also, the Indian cities of Ahmedabad and Chennai are ranked eighth and ninth, respectively, and the Sri Lankan city of Colombo and the Algerian city of Algiers tie for tenth.
Criteria for Cities’ Ranking
The Economic Intelligence Unit (EIU) annually compiles a ranking of the most and least expensive global metropolises. More than 400 individual prices of over 200 necessities are compared to generate the ranking.
Food, drink, clothing, household supplies, personal care items, and home rent are all considered essentials, as are the costs of transportation, utilities, tuition, and entertainment.
New York City in the United States serves as the survey’s base city with an index of 100, and the other cities are ranked comparatively based on the survey’s findings.
The research also helps people who work in human resources and finance figure out how much to pay international employees and business travelers who have to move or eat out. It takes place in grocery stores, department stores, and malls, as well as niche shops.
the worldwide cost of living 2023 looks at 172 cities with a wide range of economic and cultural conditions.
Top 10 Most Affordable Cities in the World