New report credits fall of rupee, in spite of inflation.
By Deepak Chitnis
WASHINGTON, DC: A new report, conducted and released by Germany’s Deutsche Bank, reveals that India’s economy is the cheapest of all the world’s major markets.
The report, entitled “Mapping the World’s Prices 2014,” came to these findings by analyzing the prices of several goods and services in various cities and countries worldwide. By looking at prices and price indices online and in traditional brick-and-mortar establishments, Deutsche Bank was able to determine not only the real value of different currencies, but which cities offered the most affordable living and touring situations.
According to the findings, Australia has the most expensive major economy in the entire world. Among developing countries, Brazil’s economy is the most expensive, while China is the cheapest in certain regards (India is the cheapest overall), but is actually more expensive than the US when it comes to certain designer goods, such as brand-name label items. The US economy is the cheapest with regards to the world’s developed countries.
India is the cheapest major economy mostly because of the value of the rupee, which dipped significantly last year and has yet to fully recover. This is in spite of the fact that inflation rates in India have been rising, a trend that has been happening for several years now. Mumbai was also shown to be the cheapest city in the world for a weekend holiday, alongside Kuala Lumpur.
Paris and Zurich were found to be among the most expensive cities for a weekend getaway, while Tokyo was found to have become cheaper in recent years. New York City has also become more affordable, with cities like Moscow and Sao Paulo overtaking the Big Apple in terms of costs and how much a person can do with their money.
Sydney was found to be the world’s most expensive city overall, while London was found to be the most expensive city in which to go on a date. Cities in India were found to be the cheapest when it came to going on a date (movie and dinner-type situations), alongside cities in South Africa, Mexico, and the city of Manila.
The Deutsche Bank survey also says that, within a relatively short amount of time, the price of brand-name goods in China will likely surpass what they cost in the US, across the board. Things like jeans, shoes, and even iPhones will be more expensive in China than they are in the US, which is interesting considering that many such goods are, in fact, mostly manufactured in China.
2 Comments
It is indirectly hinting at china’s economy. How the GDP of china will be affected has to be seen now.
Though the report mentions Mumbai as the cheapest city in the world for week end bazaar it will definitely be Hyderabad which is the cheapest, the next comes Mumbai and Chennai.