Karachi is the 6th Cheapest City in the World According to Economist Intelligence Unit
The Economic Intelligence Unit published their Worldwide Cost of Living report earlier in the week revealing that Karachi ranks at 6th from the bottom as one of the cheapest cities in the world. The list contains 133 cities from the world. The list also included Damascus, Lagos and Caracas as some of the cheapest cities of the world.
The list is compiled after analyzing the cost of living in 93 countries based on the prices of 150 products in the urban hubs. Being one of the cheapest cities of the world does not mean anything but it rather highlights how it is not suited for living. The matter of wage and spending growth will remain at low levels. The low-income means that there is less spending power in the hands of the common man, which affects the retailers.
As for the most expensive city of the world, the title goes to Singapore which has remained at the top for five years now. The most shocking is the fact that cities like Tokyo and New York did not even get included in the top ten of the list. Paris and Zurich share the second place, Hong Kong is fourth, Oslo at fifth, Seoul and Geneva at sixth, and the rest are Tel Aviv, Copenhagen and Sydney. The reason why American cities ranked lower could be because of the weakened state of the American dollar.