Hong Kong and most countries in the top 10 earned their rank on account of them being viable economic hubs, a condition that naturally led to a hike in the price of housing and general cost of living in these cities.In Ashgabat’s case, its high ranking is as a result of economic depression and “high local inflation” as described by Jean-Philippe Sarra of Mercer.
Another reason for Ashgabat’s economic troubles may be traced to Turkmenistan’s dependence on natural gas exports for revenue, a national cash cow that has since taken a hit due to global low gas prices, leading to hyper-inflation in the Central Asian country.
Ashgabat’s move to first place may also be as a result of the Covid-19 pandemic, which a report by Human Rights Watch said has “drastically exacerbated Turkmenistan’s pre-existing food crisis”.Some other cities in the top 10 include Beirut, Zurich, Shanghai, Beijing, and Singapore. headtopics.comRead more: The Punch Newspapers »
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