Karachi has yet again made it to the list of worst cities to live in the world in 2022, according to the Global Liveability Index released by the Economist Intelligence Unit (EIU) recently.
The report analysed and marked 172 cities on the basis of five factors which are infrastructure, health care, education, culture, and entertainment, the News International reported.
With the depleting foreign currency reserves and rising inflation, Pakistan is on the brink of economic collapse and heading towards a path similar to the economic downfall of Sri Lanka.
Pakistan’s current economic indices are quite poor. According to the UNDP, Pakistan is facing a debt in excess of USD 250 billion and Karachi being the city’s economic capital has been also undergoing severe instability. The cost of living crisis is tipping millions of people into poverty and even starvation at breathtaking speed and with that, the threat of increased social unrest grows by the day.
Since the start of 2022, the Pakistani rupee has lost over 30 per cent of its value, according to the Foreign Exchange Association of Pakistan.
The fast depletion of the foreign exchange reserves has been the reason behind Pakistan’s inflation of twin deficits, a lack of foreign currency inflows, and a sharp increase in foreign debt servicing obligations. Inflation in Pakistan entered the double-digit mark in July, the biggest surge in nearly six years.
Moreover, apart from poor living conditions, theft, smuggling, drug peddling, and violence have further deteriorated social and economic conditions.
Notably, the most liveable cities in world are mostly in Europe and Canada due to good infrastructure and stability.
Austria’s capital Vienna topped the list of top 10 places to live in the world. Vienna held the top position in 2018 and 2019 as well.