Fastest Growing Cities In The World
According to the survey done by Oxford Economics, all the top ten fastest growing are from India. In fact, 17 of the top 20 Fastest Growing Cities belong to the South Asian nation. In terms of economic output, New York, Tokyo, London, and Los Angeles are the world’s largest cities. Oxford Economics rated the fastest growing cities in the world in terms of GDP growth between 2019 and 2035.
According to the study, that looked at 780 cities, estimated that the world’s major urban economies will grow by 2.8% a year. They project that as early as 2027, the United GDP of all Asian cities will surpass that of North American and European cities together. By 2035 it will be 17% higher.
The top ten fastest growing cities are:
Vijayawada is a state of Andhra Pradesh. According to the study by Oxford Economics, its GDP will grow 8.16% annually between 2019 and 2035. Its GDP is predicted to go up from $5.1 billion in 2018 to $21.3 billion in 2035.
Also located in Tamil Nadu is the city Chennai, an important IT and automobile hub of Asia. Its GDP is estimated to go up from $36 billion in 2018 to $136.8 billion in 2035, with an average annual growth rate of 8.17%.
Tiruchirappalli is located in Tamil Nadu and it is known for being an industrial center and home to some of the most prestigious educational institutions of the country. This city will see an average GDP growth of 8.29% a year. Between 2019 and 2035 it’s GDP will increase from $4.9 billion in 2018 to $19.0 billion in 2035.
Rajkot is also located in Gujarat. Between 2019 and 2035 Its GDP is projected to grow at an average annual rate of 8.33 %. Its GDP will see a growth from $6.8 billion in 2018 to $26.7 billion in 2035.
Tiruppur is a state of Tamil Nadu which is the major textile hub of the country. Its GDP is projected to grow at an average of 8.36% between 2019 and 2035 and it will increase from $4.8 billion in 2018 to $17.0 billion in 2035.
Located in Maharashtra, Nagpur is one of the most livable cities in India. According to the study, its GDP will grow at an average rate of 8.41% per year and it will increase from $12.3 billion in 2018 to $48.6 billion in 2035.
Hyderabad is another city that has transformed into a major technology hub in India. It’s said to have a GDP growth at 8.47% per year between 2019 and 2035. Reportedly, Hyderabad’s GDP will increase from $50.6 billion in 2018 to $201.4 billion in 2035.
The Silicon Valley of India, Bengaluru’s GDP is projected to grow 8.5% per year by 2035. Between 2019 and 2035 its GDP will jump from $70.8 billion to $283.3 billion.
Agra is located in Uttar Pradesh and is home to the iconic Taj Mahal. Agra’s GDP is reported to grow at an annual average rate of 8.58% between 2019 and 2035. Its GDP will increase from $3.9 billion to $15.6 billion.
Surat’s GDP is projected to grow at 9.17% per year, increasing from $28.5 billion in 2018 to $126.8 billion in 2035. Surat is renowned for its textile and diamond processing industries. It also has a booming IT sector. The city is in the northwestern state of Gujarat, India.
Outside of India, the Cambodian capital Phnom Penh will see the fastest growth at 8.1%, while Dar es Salaam, a major port city on Tanzania’s Indian Ocean coast, will lead African cities with 7.8%.
They say that cities will drive the growth of the global economy, which they project will expand by 2.6% per year.
IMF says that India’s economy is set to grow faster than China’s this year, at a rate of 7.4% in 2019 compared to China’s 6.2%. India now makes up 15% of global growth and ranks 58th out of 140 economies in the World Economic Forum’s latest Global Competitiveness Report.
According to the report, Indian cities will remain relatively small in terms of economic output despite the speed of growth. New York will still be the largest urban economy in the world in 2035, followed by Tokyo and Los Angeles, with Shanghai now tied with London for the fourth place.