04 Dec 2021 Worldwide Cost of Living Report
Posted at 15:55h in Daily current-affairs 0 Comments
Worldwide Cost of Living Report Today Current Affairs
- Recently the Worldwide Cost of Living Report has been released which states that Tel Aviv (the capital of Israel) is the most expensive city in the world to live in.
- This report has been compiled by the Economist Intelligence Unit. It compares cost of living indicators in different cities.
Key points of Worldwide Cost of Living Report Today Current Affairs
- Most Expensive City: The Israeli city of Tel Aviv has topped the rankings for the first time, surpassing last year’s top country Paris, while Paris is now in second place with Singapore.
- Paris and Singapore are in joint second place, followed by Zurich and Hong Kong. In this list, New York is at the sixth place and Geneva is at the seventh place.
- Methodology of the report: The index is benchmarked against prices in New York City, so cities with stronger currencies against the US dollar are likely to appear higher in the ranking.
- Scope of Results: The Worldwide Cost of Living Index, 2021 tracks the cost of living in 173 global cities and compares the prices of over 200 products and services.
- Impact of COVID-19: Supply-chain disruptions and changing consumer demand have increased the cost of living in many large cities. In addition, the fastest inflation has been recorded in the last five years.
- Indian Scenario: Ahmedabad (Gujarat) has been listed among the top ten cheapest cities in India in the survey.
- Damascus (the capital of Syria) tops the list of cheapest cities. It is followed by Tripoli (Libya), Tashkent (Uzbekistan), Tunis (Tunisia) and Almaty (Kazakhstan) in the list of cheapest cities.
The Economist Intelligence Unit (EIU)
- The Economist Intelligence Unit is the research and analysis division of The Economist Group, the sister company of The Economist newspaper.
- The EIU also releases the Democracy Index, which provides a snapshot of the state of democracy around the world in 165 independent states and two territories.
- India is ranked 53rd in EIU’s Democracy Index.
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