World’s most expensive cities

Tokyo returned to the ranks of the world’s 10 costliest cities in 2017 as Asia’s representation expanded, reflecting the region’s rising clout in the global economy. Japan’s capital, the world’s costliest city until 2012, jumped seven places to No. 4 this year and Osaka climbed nine notches to No. 5, both bolstered by a resurgent yen, the Economist Intelligence Unit’s Worldwide Cost of Living Survey showed Tuesday. Singapore and Hong Kong retained the top two spots and Seoul came in sixth. Zurich, the third most expensive, was the only impediment to Asia holding all top five slots.

Global economy

• Asia accounts for 40 percent of the global economy and in the four years to 2020 is predicted by the International Monetary Fund to contribute two-thirds of worldwide growth.
• At the same time, cities in China, the region’s economic powerhouse, slipped by between five and 16 places due to weakening consumption and a depreciation in the renminbi.
• Europe had four cities in the top 10, with Geneva, Paris and Copenhagen joining Zurich. The French capital was the only euro zone city among the top 10.
• Cities in China, the region’s economic powerhouse, slipped by between five and 16 places due to weakening consumption and a depreciation in the renminbi.
• Europe had four cities in the top 10, with Geneva, Paris and Copenhagen joining Zurich. The French capital was the only euro zone city among the top 10, remaining “structurally extremely expensive to live in, with only alcohol and tobacco offering value for money compared with other European cities,” the EIU said.

Analysis

Bengaluru has been declared the third cheapest city in the world in a report compiled by the Economist Intelligence Unit (EIU) on 22 March 2017.  The report says three other Indian cities figure in the list, with Chennai occupying the sixth place, Mumbai seventh and New Delhi the tenth position. The four Indian cities are among the 10 cheapest places on the planet.

Almaty in Kazakhstan has been ranked the cheapest in the world, followed by Lagos in Nigeria. Karachi was placed 4th, Algiers (5th), Kiev (8th) and Bucharest (9th) rank.

Assessment

Bangalore is consistently proving itself as one of the corner stones of the future of India. Recently Bangalore has been ranked as the most dynamic city in the world and continues to be a main stay of “Digital India”. The fact that Bangalore can still maintain to be economically viable to the citizens proves that in the quest of development with minimal internal expenses.