A recent report published by The Economist Intelligence Unit (EIU) puts Karachi at the sixth spot among the cheapest cities in the world, out of a list of 133 cities.
The survey by the British group, which provides research and analysis to businesses, has compared the prices of 150 products and services in urban centres of 93 countries that subsequently form the basis of their index of major cities in the world arranged according to the cost of living.
Syria’s Damascus, Venezuelan capital Caracas, Lagos in Nigeria and the Pakistani city of Karachi are among the world’s cheapest cities, the survey showed. “Put simply, cheaper cities also tend to be less livable,” the report has claimed.
According to EIU, although the region in which Pakistan lies remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location. This means that there is a considerable element of risk in some of the world’s cheapest cities.
Pricey perennials Tokyo and New York did not even make the top 10 in the annual list by the Economist Intelligence Unit, beaten out by Paris, Zurich (joint second) Hong Kong (fourth) and Oslo (fifth).
Seoul and Geneva shared sixth place, while Copenhagen, Tel Aviv and Sydney rounded out the rankings