The Economist Intelligence Unit (EIU) named Singapore as one of the most expensive countries to live in the world. Even the country was named as the most expensive city for four consecutive years since 2014.The coronation is based on several things including cost of living, strong currency, running a car, soaring utility bills, and even expensive place to buy clothes.
The Cost of Living
The cost of living in Singapore is above average compared to other cities in the world, such as New York, Tokyo, London, Paris, Beijing and Moscow.This is partly due to increased labor productivity in the country. The higher productivity of work, then it will make income also go up. However, along with the ability of consumers to buy higher, then the price of goods is also increasing to be more expensive.
Rely on Fulfillment of Public Needs through Import
Singapore has only 718 square kilometers of land, therefore the natural resource are not able to meet the needs of 5.3 million people.Inevitably, Singapore must rely on imports from several neighboring countries. In addition, Singapore has lacks springs, so most domestic fresh water sources come directly from rainwater.Even the government and scientists built a tool to accommodate the rain water in order to be useful to meet the needs of the community.
Limited Government Subsidies
Another influential factor is the lack of subsidy from the government.Singapore only provides subsidies for government property, transportation, health, and the need for poor people. Besides that such as prices for electricity, gas, gasoline, water, fuel, and others are given to the market. Because many business people want to reap huge profits, ultimately the price becomes more expensive.Thus, the cost of living to be paid will also be more expensive.
Become a World Tour Destination
In recent years, Singapore has become a popular and favorite tourist destination for travelers from many countries around the world. When a region becomes a favorite tour destination, it usually affects to the cost of living in the area. It happens in Singapore where the cost of living from year to year increases gradually and even significantly.But it is balanced with the development of tourist attractions and services are getting better as well.
Well that’s the reason why Singapore city became the most expensive country to live in the world. How, are you interested to come there? No need to worry, although the cost of living is expensive, but you can learn and use travel tips to go Singapore in a budget, just visit airpaz.com