Oxford Economics: Which cities will be leading the global economy in 2035?
In 2027, the aggregate GDP of all Asian cities in its forecast will for the first time exceed the combined GDP of all North American and European cities, according to Oxford Economics.
By 2035, the report projects it will be 17 percent higher, with Chinese cities alone generating more output than all cities in either North America or Europe.
New York will still be the largest urban economy in the world in 2035, however, with the largest finance and business services sector. It will be followed by Tokyo and Los Angeles, with Shanghai tied with London for fourth place. Paris will slip in the firm’s GDP rankings.
Jakarta will enter the top league of industrial cities, rising to eighth in its 2035 industrial output ranking. By then it will also boast the world’s largest urban population at 38 million — nudging ahead of Tokyo, which nonetheless remains at the top of the industrial output table. Fellow Japanese cities Osaka-Kyoto and Nagoya will, however, make way for the Chinese cities of Chongqing, Shenzhen and Tianjin, with Houston projected as the fifth-largest industrial city in 2035.
To read the full report, click here.