Expat life getting harder
- Expat life getting harder
With fluctuating exchange rates and companies less willing to keep expats on their payroll, the economic landscape for expats is changing drastically.
Expatriates have always been known for their ability to adapt to new cultures and contexts but the current financial crisis may prove to be the biggest challenge yet for internationals.
The economic landscape across the globe is changing by the day and it is still unclear how that will affect the world and workplace – and the place of expats within it.
Two things are already clearly impacted, though: the costs borne by expatriates in many European cities and overseas assignments by multinational corporations.
A recent survey by the Economist Intelligence Unit (EIU), for instance, showed that while weakening exchange rates have substantially lowered the relative cost of living in Western Europe for expatriates, it remains the most expensive area of the world to live in. Western Europe boasts seven of the top 10 most expensive cities across the globe and all but two of the Western European cities surveyed are in the top 50, according to the report.
However, those living in Western Europe can take heart in the fact that the relative cost of living in the region is dropping – due, in large part, to drastic declines in European currencies such as the sterling, the euro and the Norwegian krone.
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