Singapore Current Affairs - 2020
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The Economist Intelligence Unit has released the report of the Worldwide Cost of Living Survey 2019.
Findings of the Survey
- For the first time in its 30-year history, three cities have been accorded the title of the world’s most expensive city in the Worldwide Cost of Living Survey from The Economist Intelligence Unit.
- Singapore which top’s of the rankings for the sixth consecutive year is joined there by Hong Kong and Paris.
- Zurich in Switzerland stood at the fourth position followed by Japan’s Osaka which shared fifth place with Geneva, also in Switzerland.
- Seoul (South Korea), Copenhagen (Denmark) and New York (US) were jointly placed at the seventh spot.
- Los Angeles (US) along with Israel’s Tel Aviv was named the 10th most expensive city in the world.
- The cost of living in Chinese cities remains relatively stable, while Southeast Asian destinations were moving up the ranks.
- Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking.
- While parts of Asia remain the most expensive places on Earth, Asian Cities also makes several appearances at the bottom of the list.
- World’s cheapest cities include Caracas (Venezuela), Damascus (Syria), Tashkent (Uzbekistan), Almaty (Kazakhstan), Karachi (Pakistan), Lagos (Nigeria), Buenos Aires (Argentina) as well as the three Indian cities of Bengaluru, Chennai and Delhi.
The Survey compares more than 400 individual prices across 160 products and services in cities around the world by keeping New York as the benchmark city.
Tags: Almaty • Argentina • Australia • Bengaluru • Buenos Aires
The assessment by EU Intellectual Property Office (EUIPO) and the Organisation for Economic Co-operation and Development (OECD) carried out based on data from almost half a million customs seizures by international enforcement agencies highlights the following:
- Global sales of counterfeit and pirated goods have increased to USD 522 billion a year, amounting to a whopping 3.3 per cent of world trade.
- The share of counterfeit goods has witnessed a considerable rise since its previous 2016 estimate of 2.5 per cent of global trade.
- Counterfeit goods represented 121 billion Euros worth of imports into the European Union alone which amounted for a massive 6.8 per cent of total imports into the bloc, up from five per cent in 2016.
- Counterfeiting and piracy posed a major threat to innovation and economic growth, at both EU and global level.
- Companies which were most affected by counterfeiting and piracy were mainly based in developed OECD nations like the United States, Japan, South Korea and EU states.
- Even businesses in China, Brazil and Hong Kong are being increasingly hit.
- Countries exporting the most counterfeit and pirated goods were China, Hong Kong, United Arab Emirates, Turkey, Singapore, Thailand, India and Malaysia.
The EUIPO has expressed deep concerns about the rise in the counterfeit and pirated goods and called for coordinated action, at all levels, to fully tackle the menace of piracy and counterfeit products.