Mercer’s Cost of Living study showed that Karachi and Islamabad will be among the Least expensive places in the world to live in 2023.
At the same time, inflation in Pakistan’s cities has been slowly going up since the beginning of the year. This is because the government has been implementing tough budget measures, which the International Monetary Fund (IMF) needed in order for Pakistan to get funding that is currently being held up.
Foreign workers can also live comfortably in Havana, Cuba, Bishkek, Kyrgyzstan, Dushanbe, Tajikistan, Windhoek, Namibia, Ankara, Turkey, Durban, South Africa, Tunis, Tunisia, and Tashkent, the capital of Uzbekistan.
The study, which was done by Mercer, helps figure out how much packages for workers on foreign jobs will cost. These costs rely on things like changes in currency, price inflation for goods and services, and the cost of housing.
The expert company did a poll that compared the costs of living, transportation, energy, food, household goods, and activities in more than 400 cities. This was used to rank the cities.
Most Expensive Cities
The three most expensive places in the world, meanwhile, are Hong Kong, Singapore, and Zurich. Geneva, Basel, and Bern are the other three Swiss places in the top ten. They are ranked fourth, fifth, and seventh, respectively.
The study says that New York City is the most expensive city in the United States. It is the sixth most expensive city in the world. Tel Aviv, which is in Israel, was named as the most expensive place in the Middle East for foreign workers. Copenhagen and Nassau, in the Bahamas, were the ninth and tenth best places to live.
“Recent aggressive national monetary policies and tightening of global financial conditions are likely to cause income growth to slow and unemployment to rise in many economies this year,” Mercer said.
“Many countries still have a lot of debt, and core inflation hasn’t reached its peak in many markets yet. Changes in inflation and exchange rates have a direct effect on the pay and savings of workers who move around the world,” it said.
Bangui, Djibouti, and Luanda, both in Angola, were among the top places in the world when it came to the cost of living.
The study found that the Russia-Ukraine problem getting worse, the spread of COVID-19 strains that are easier to catch, changes in the exchange rate, and general inflation all affected the income and funds of expatriates. This year, inflation is expected to drop to 7% around the world.