The recent assessments of Economist Intelligence Unit’s latest Worldwide Cost of living, have astonishingly revealed, Karachi as the second cheapest city of the world in 2014 for expatriates, while Singapore as the most expensive city in the world. The assessments are based on the bi-annual report, credit currency appreciation and solid price inflation.
In terms of transportation, Singapore emerged as extremely expensive owing to the high costs of cars attached to the high certificate of entitlement fees. This means keeping car in Singapore is not a feasible idea in terms of costs. The transport costs have risen to three time as that of New York, due to this.
A 40 percent rise in the Singapore dollar along with “solid price inflation” has been the key factors in Singapore’s position. In addition, the cost of clothing is also pretty high in Singapore, while the high costs of utility further add to the financial burden, as the city is dependent on other countries for energy and water supplies in the absence of its own natural resources.
According to the ranking, Karachi came in second after Mumbai in the world’s cheapest cities of the world in 2014. Well the citizens might disagree, battling the worsening economic conditions of Karachi.