Tel Aviv is joint fifth in “The Economist”‘s checklist of the world’s costliest cities, up two locations from its place within the 2019 checklist.
Annually, the Economist Intelligence Unit (EIU) examines the price of a basket of 138 fundamental merchandise in 133 cities around the globe. The benchmark for comparability is New York, which receives 100 factors. Tel Aviv obtained 101 factors, whereas the three costliest cities obtained 103 factors.
First place is shared by Zurich (up 4 locations from final yr’s checklist), Paris (additionally up 4 locations), and Hong Kong, the one metropolis to retain its place from 2019. The EIU says that Zurich and Paris reached high place due to the strengthening of the Swiss franc and the euro prior to now yr.
The EIU report notes that the coronavirus pandemic precipitated the US greenback to weaken, whereas Western European and North Asia currencies strengthened, inflicting adjustments within the costs of products and companies.
Asian cities have fallen within the desk. Singapore, which final yr shares high spot with Osaka, is in fourth place this yr, which the EIU attributes to the various international staff who left Singapore due to the coronavirus pandemic. Prior to now yr, Singapore’s inhabitants has shrunk for the primary time since 2003, resulting in a fall in demand, and deflation. Osaka shares fifth place with Tel Aviv.
New York is down three locations from final yr, sharing seventh place with Geneva, which rose three locations. Sydney is fifteenth, London is twentieth, whereas Moscow is 106th.
The most important leap in the price of dwelling is recorded by Teheran. US sanctions on Iran have led to the nation’s largest metropolis transferring up from 106th place to 79th place within the checklist of the world’s costliest cities.
The most important drop is by Reykjavik, down 27 locations to 56th, whereas Rio di Janeiro and Sao Paulo share 119th place after falling 23 locations. Brazil, which has been laborious hit by the coronavirus outbreak, suffers from weak point of its foreign money and rising poverty charges.
Moreover foreign money fluctuations, the EIU cites as elements in adjustments in cities’ rankings the disruption to produce chains due to the coronavirus pandemic, resulting in shortages, and adjustments in consumption patterns as individuals make money working from home and endure lengthy lockdowns.
In accordance with the EIU, the ten costliest cities on this planet are Zurich, Paris, and Hong Kong; Singapore; Tel Aviv and Osaka; Geneva and New York; and Copenhagen and Los Angeles.
Printed by Globes, Israel enterprise information – en.globes.co.il – on November 18, 2020
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