The Economist Intelligence Unit (EIU), which tracks living costs globally, has predicted that the ranking of the cities in which it is most expensive to live could be shaken up as a result of COVID-19.
Impact On Cities That Rely On Tourism
According to EIU's Worldwide Cost of Living Survey for 2020, which was compiled before COVID-19 became a pandemic, the current most expensive cities to live in are Hong Kong, Singapore and Osaka. However, EIU has said that it could become cheaper to live in cities that get a substantial percentage of their income from tourism as their economies are impacted by the COVID-19 crisis.
Bbc.com quotes EIU chief economist Simon Baptist as saying, "Cities that rely on tourism should see some downward pressure on prices. So Singapore and Hong Kong might not hold the top spot going forward. We could see a different city on top."
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