Paris:
Turkmenistan’s capital Ashgabat has overtaken Hong Kong as the world’s most high-priced city for foreign workers, a survey showed on Tuesday.
Beirut jumped to third location in the 2021 Mercer survey from 45th a year earlier owing to a “severe and extensive economic depression” resulting from several crises, like the country’s economic problems, Covid-19 and a deadly blast in the Lebanese port.
Ashgabat rose from second in the earlier survey to the initial spot due to “high local inflation”, Mercer France worldwide mobility practice leader Jean-Philippe Sarra told AFP.
Turkmenistan is pretty much wholly dependent on organic gas exports and has struggled to recover from the worldwide power cost slump in 2014 that battered the nearby manat currency and plunged lots of citizens into poverty.
Despite the lengthy-operating financial crisis, authorities broke ground on a big expansion of Ashgabat in May, with autocrat leader Gurbanguly Berdymukhamedov pledging to turn it into “one of the most prosperous cities in the world”.
While Hong Kong, with its notoriously high-priced housing, dropped to second location, Tokyo also fell one spot to fourth.
Zurich dropped to fifth and is amongst 3 Swiss cities in the top rated 10 along with Geneva (8) and Bern (10).
Two other Chinese cities are amongst the most high-priced in the world for expatriates: Shanghai climbed one spot to quantity six even though Beijing rose to ninth.
Singapore took seventh location.
US cities fell in this year’s ranking mainly due to the fact of currency fluctuations, and in spite of increasing inflation, according to Mercer.
New York dropped eight spots but was the most high-priced in the nation at quantity 14.
The world’s least high-priced city for foreign personnel is Kyrgyzstan’s capital Bishkek at 209, according to the survey.
(This story has not been edited by TheSpuzz employees and is auto-generated from a syndicated feed.)