Hyd GDP clock races among world’s fastest

NEW DELHI: The Cyber City of Hyderabad has logged into the list of top 10 fastest in the world between 2019-2035 and is being cited as one of the strongest performers, according to a global .

The report by Oxford Economics, a research house engaged in global forecasting and quantitative analysis, states that the list of fastest growing cities is dominated by India with 17 cities among the top 20 in the world.

“When future growth rates are compared, the story is mostly very different. In particular, 17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be Indian, with Bengaluru, Hyderabad and Chennai among the strongest performers,” said the report.

Surat, which is a major diamond trading and processing centre and also has a strong IT sector, tops the list of top 10 fastest growing cities in the world between 2019-2035, followed by Agra and Bengaluru. Hyderabad is in fourth place, followed by Nagpur, Tiruppur, Rajkot, Tiruchirappalli, Chennai and Vijayawada.

Bengaluru, Hyderabad and Chennai are best known as technology hubs and are home to large financial services firms. Outside of India, Phnom Penh is the fastestgrowing city in the world in the 2019-2035 forecast, with Dar es Salaam the leader among African cities.

New York will be largest urban economy

In terms of population in 2035, Mumbai figures in the top 10 cities.

“By 2035, the combined GDP of Indian cities will still be very small compared with Chinese (or indeed, North American and European) cities. However, in terms of GDP growth, it is Indian cities that are the star performers in our forecast,” said Richard Holt, head of global cities research at Oxford Economics.

However, Chinese cities will contribute significantly when it comes to aggregate GDP. Shanghai will join London as the world’s fourth-largest urban economy in 2035.

According to the forecast, in 2027, the aggregate GDP of all Asian cities will for the first time exceed the combined GDP of all North American and European cities.

“By 2035, we project it will be 17% higher, with Chinese cities alone generating more output than all cities in North America or Europe,” the report said.

New York will still be the largest urban economy in the world in 2035, with the largest and business services sector. It will be followed by Tokyo and Los Angeles, with Shanghai tied with London for fourth place, the report said.

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