Karachi again named among world’s 10 most affordable cities by the Economist

The annual report on the Worldwide Cost of Living for 2022 has been released by the Economist Intelligence Unit (EIU). Karachi is the world’s sixth most affordable city to live in, according to the survey.

Every year, the forecasting, consulting, research, and analysis division of the UK-based Economist Group, EIU, publishes a “Worldwide Cost of Living” report.

According to the report, Syria’s capital, Damascus, is the most affordable city, followed by Libya’s capital, Tripoli, which takes the second spot.

The economies of both cities remained in turmoil this year as a result of the ongoing armed conflicts in Syria and Libya. Tunis, Tunisia, is ranked fourth on the list.

Surprisingly, eight Asian cities have been named among the world’s most affordable.

In the most recent edition of the survey, Karachi was ranked sixth, retaining its position from 2021, while Tehran (Iran), Tashkent (Uzbekistan), and Almaty (Kazakhstan) were ranked third, fifth, and seventh, respectively.

Furthermore, India’s Ahmedabad and Chennai are ranked eighth and ninth, respectively, while another Indian city, Bangalore, and Sri Lanka’s Colombo are tied for tenth place with Algeria’s Algiers.

Ranking Criteria for Cities

Every year, EIU compiles a list of the most affordable and most expensive cities in the world to live in. It compares over 400 individual prices of over 200 essential commodities to compile the ranking.

Food, drinks, clothing, household supplies, personal care items, and home rent are among the essential commodities, as are transportation, utility bills, education, and recreational costs.

The survey’s base city, New York, has an index of 100, and the other cities are ranked comparatively for the Worldwide Cost of Living report.

Furthermore, the research assists human resource and finance managers in determining cost-of-living allowances and developing compensation packages for expatriates and business travellers. It is done in supermarkets, mid-range retailers, and specialty stores.

There are 172 cities in the 2022 edition of Worldwide Cost of Living. The following are the top ten most affordable cities in the world:

To read our blog on “Integrated logistics park created in Karachi by a Danish company,” click here