- All 10 of the world's fastest-growing cities across the globe from next year through to 2035 will be in India, according to a report by Oxford Economics.
- Surat, a commercial center for textiles in Gujarat, will witness the fastest GDP growth, by an average of over 9% per year.
- In comparison with the world's biggest cities, however, India's economic output is expected to remain small.
According to a report by Oxford Economics published by Bloomberg, Indian cities will comprise most of the fastest-growing cities in the world between 2019 and 2035, based on annual Gross Domestic Product (GDP) growth.
In fact, over 17 of the 20 top cities on the list will be Indian.
The report said that Indian cities including Bengaluru, Hyderabad, and Chennai will be among the strongest performers across the globe.
According to the report that cited Richard Holt, Oxford's head of global cities research, India will dominate the top 10 cities in terms of economic growth over the span of 20 years. Surat, a commercial center for textiles in Gujarat, will witness the fastest GDP growth by an average exceeding 9%.
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Looking at the sizes of economies, however, New York will continue to be the largest urban economy due to its growing finance and business sector while Tokyo and Los Angeles follow closely behind in second and third position, respectively.
By 2027, the aggregate GDP of all Asian cities will exceed the combined GDP of all North American and European cities, with a significant rise of 17% by 2035, according to the report.
It also revealed that, over the period between 2019 and 2035, the cities will lead the growth of global economy, with the global economy growing by an average of 2.6% a year.
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10. Vijayawada
Vijayawada's average annual growth is predicted to be 8.16% between 2019 and 2035, according to Oxford Economics.
9. Chennai
According to the Oxford Economics report, Chennai is set to grow at an average annual rate of 8.17% between 2019 and 2035.
8. Tiruchirappalli
On average, Tiruchirappalli is set to grow at an annual rate of 8.16% between 2019 and 2035.
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