Think of the world’s wealthiest cities: New York, Tokyo, Los Angeles and London probably spring to mind. But based on annual gross domestic product (GDP) growth Asian cities – particularly those in India – are powering ahead of other urban economies.
According to research institute Oxford Economics, all the top 10 fastest-growing cities by GDP between 2019 and 2035 will be in India.
From West to East
India’s dominance of the list of fastest-growing cities illustrates the broader theme of the tipping of economic might from West to East, the authors argue.
They forecast that as early as 2027, the combined GDP of all Asian cities will exceed that of North American and European cities together. By 2035 it will be 17% higher.
China is leading the charge: it will have four cities – Shanghai, Beijing, Guangzhou and Shenzhen – in the top 10 for GDP in 2035. Today, only Shanghai appears on that list.
Compared to other Chinese cities, Shanghai has a more liberal and free-market economy, along with stronger international business connections, the report says, highlighting that China wants to develop the city into a major pan-Asian financial center.
Beijing will benefit the most from China’s Belt and Road Initiative, while Guangzhou is the clear winner in the Pearl River Delta region, a vast urban area adjacent to the South China Sea with easy access to many of China’s main trading partners.
Source: Word Economic Forum