An Oxford Economics report takes us to 2035, making predictions about which will be the main cities in the world by economic size, population and GDP growth rate.
The urbanization of the world is an unstoppable phenomenon that demands that cities innovate and be cleaner, sustainable and smart. Currently more than half of the global population resides in urban settings. Its importance is such that today we will look fifteen years ahead to try to see which will be the most important cities in 2035.
The complete graph prepared by Visual Capitalist advances fifteen years in time using data from a recent report by Oxford Economics that predicts which will be the top 10 cities by measures of economic size, population and GDP growth rate.
The top 10 cities by gross domestic product (GDP) in 2035 will be fairly widespread. Three cities are expected to be in the United States: New York – which would be ahead of current leader Tokyo -, Los Angeles and Chicago. A significant number of Asian cities, most of them Chinese, make the list. Regarding Europe, only London and Paris are present.
In total, these top 10 cities, considered mega regions, will contribute an impressive 13.5 billion in GDP by 2035.
The Oxford Economics forecast indicates that the main cities by population will follow a different global distribution in the next fifteen years. By 2035, the most populous cities will move east, with seven of the cities located in Asia.
While Jakarta’s population of 38 million is expected to emerge first , the city may not retain its status as the Indonesian capital for much longer as, as we told you in this article , it is sinking due to sea level rise caused by climate change and poor management of water infrastructure. Indonesian rulers plan to move the capital to the island of Borneo.
On the African continent, Kinshasa and Lagos are already among the largest megacities in the world (home to more than 10 million people), and will rank among the top ten for the turn of the century.
When comparing cities based on their rate of economic growth, there are some clear highlights. The average annual GDP growth in cities is 2.6%, but the top 10 exceed it. By 2035 the Asian continent will win integers: four of the fastest growing cities will be in mainland China, another four in India, and the last two in Southeast Asia.
Bangalore has an expected annual growth forecast of 8.5% thanks to its high-quality talent and its potential to be a breeding ground for new startups. It should be noted that Shanghai appears in all three lists. The commercial capital is home to the busiest port in the world and one of the two main stock exchanges in China. These sectors could help boost Shanghai annual GDP growth to 5% in 2035.
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