Produced by: Tarun Mishra Designed by: Manoj Kumar
The research and analysis division of The Economist Group, EIU, conducted the Worldwide Cost of Living (WCOL) Survey between August 14 and September 11, 2023. This survey revealed the most budget-friendly cities to reside in, showcasing their affordability. Let's delve into the report to explore the top 10 cheapest cities to live in around the world.
Damascus secures the top spot as the cheapest city to live in, despite experiencing a staggering 321% year-on-year rise in its cost-of-living basket. This surge is attributed to the lifting of government subsidies and the devaluation of the currency, resulting in increased import costs.
Tehran, Iran, lands at the 2nd spot, coping with high inflation rates, reaching nearly 49%. Despite this challenge, Tehran remains exceptionally affordable, especially for groceries and other household essentials.
Tripoli, Libya, holds the 3rd rank. Despite a modest increase in inflation of just over 5% in the past year, Tripoli maintains its status as one of the most affordable cities.
Pakistan's ongoing financial challenges have placed the country's economy on the brink of collapse. This circumstance positions Karachi at the fourth spot on the cheapest cities to live in. Nonetheless, the persistent reluctance of foreigners to move in Pakistan is primarily attributed to the nation's inadequate security and safety conditions alongside non-existent economic opportunities.
Tashkent, Uzbekistan, secures the 5th spot, presenting itself as a hub of affordable living in the heart of Central Asia. The city offers a cost-effective lifestyle without compromising on modern amenities.
Tunis, Tunisia, grabs the 6th position, striking a balance between cultural richness and economic friendliness. The city offers a moderate cost of living that makes it an attractive option for foreigners .
Lusaka in Zambia takes the 7th spot, providing affordable living against the backdrop of its stunning natural beauty. The city combines economic accessibility with a pleasant environment.
Even though India is the fastest growing economy with 5th largest GDP in the world, Ahmedabad secured the 8th position, showcasing itself as a city where cost-efficiency meets a high quality of life. Residents benefit from affordable living expenses without compromising on basic amenities.
Lagos, Nigeria, claims the 9th spot as one of the most budget-friendly cities. With its rich culture, active economy, and varied real estate choices, the cost of living in Lagos competes favourably on the global stage.
Chennai, India, rounds up the top ten, presenting itself as a city where tradition meets economic savings. Residents experience a moderate cost of living that allows them to enjoy the city's rich cultural heritage without breaking the bank.