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As per a report produced annually by the Economist Intelligence Unit (EIU) on Worldwide Cost of Living for 2019, Karachi is identified as the 6th most affordable city to live in the world, with Caracas, Damascus, Tashkent, Almaty, and Bangalore topping the chart as top five cheapest cities in the world.
EIU is a British firm that conducts researches to assist entrepreneurs and financers with its forecasting and advisory services. For this report, costs of 160 essential products and services are considered including that of food, clothing, shelter, utility bills, transport, and education. These costs are then compared with the costs in New York, which is set as the base city with an index of 100.
The stated purpose of the report is to help businesses in deciding allowances for cost of living and in allotting compensation packages for business travelers sent to these cities. In addition to affordability of these cities, EIU has also claimed that these cities are also among the least livable cities due to the compromising economic, political, and law and order situation in these regions.
On the other hand, Singapore tops as the most expensive city in the world followed by Paris, Hongkong, Zurich, and Geneva in the chart of top five expensive cities.