Ammon News - Amman ranked as the 94th most expensive city worldwide in international consultancy Mercer's Cost of Living Survey 2021, improving by 23 positions from last year’s ranking of 71.

The report examined prices of goods and services’ prices in 370 locations around the world. Professional researchers were assigned in each city to compare the prices of specific brands and product outlets in each city, according to the report.

The survey highlighted the importance of monitoring currency fluctuations and assessing the inflationary and deflationary pressures on goods, services and accommodation in all considered locations. Moreover, the latest data showed few significant price variances resulting from the pandemic.

The COVID pandemic has had a huge impact on the economy, therefore, governments have adopted various measures such as refraining from value-added tax for a long period of time, the report said.

The global crisis has affected consumers purchasing habits, the report observed.

It noted an increase in demand for three special products as a result of the pandemic-induced lockdown namely: “Comfort food”, cleaning supplies and home entertainment.

Economist Wajdi Makhamreh said that the information provided by the survey is “a very good indicator” for international investors, giving a competitive edge for the Jordanian economy.

The improvement in Amman’s ranking means that the inflation rate and the exchange rate in Jordan are stable due to the government’s positive response to the pandemic.

The economist urged the government to offer investment packages and offer incentives in addition to tax reduction to improve the overall attractiveness of the Jordanian economy.