Karachi ranked 6th cheapest city worldwide

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Karachi has been ranked as the sixth most affordable city of the world in ‘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 – highest in the last 20 years.

The WCOL has ranked Damascus (Syria) as the most affordable city of 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.