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Global cities could power economic growth

Tuesday, March 10, 2015

Subject

The role of cities in global economic growth.

Significance

Cities, defined as metropolitan areas with over 500,000 inhabitants, are powering global economic growth. However, by 2014 the results were uneven, as the cities with the highest growth lie in developing countries, mainly in China, while many North American and European cities remain trapped in recession. Current urbanisation models are unsustainable in the long term, posing threats to future economic prosperity.

Impacts

  • Most large cities' economies are growing faster than their respective countries and will continue doing so.
  • The less wealthy developing urban areas will converge economically with their more developed peers.
  • The existing patterns of urban sprawl in many cities will lead to an increasing funding gap in basic infrastructure.
  • This funding gap could cause the failure of many cities to deliver basic services such as transport.
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