- The economy will shift from west to east
- Bengaluru to have 8.5% year on year GDP growth
- Surat to the top list of fastest-growing cities in the world
When you picture the world’s wealthiest cities, cities like London, New York, and Beijing probably come to mind. However, according to Oxford Economic’s annual Global Cities report, Indian cities take up all the top 10 spots with reference to the 10 fastest growing cities in the world. In fact, Bangalore is set to top the list of cities in terms of GDP growth. Let us find out more about Bangalore economic growth:
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Indian Cities and Economic Growth
According to the report, all the top 10 spots on the list of fastest-growing cities by GDP between the years 2019 and 2035 are in India. Let us find out the year on year growth of Indian cities:
| Rank | % y/y Growth 2019-35 | City | GDP 2018 ($billion) | GDP 2035 ($billion) |
|---|---|---|---|---|
| 1 | 9.17 | Surat | 28.5 | 126.8 |
| 2 | 8.58 | Agra | 3.9 | 15.6 |
| 3 | 8.5 | Bengaluru | 70.8 | 283.3 |
| 4 | 8.47 | Hyderabad | 50.6 | 201.4 |
| 5 | 8.41 | Nagpur | 12.3 | 48.6 |
| 6 | 8.36 | Tirupur | 4.3 | 17 |
| 7 | 8.33 | Rajkot | 6.8 | 26.7 |
| 8 | 8.29 | Tiruchirappalli | 4.9 | 19 |
| 9 | 8.17 | Chennai | 36 | 136.8 |
| 10 | 8.16 | Vijayawada | 5.6 | 21.3 |
Surat tops this list. According to the report, Surat will see an annual GDP growth rate of about 9.2% between 2019 and 2035. Agra comes second with a growth rate of 8.6%,
Bengaluru falls at third place. Known as India’s Silicon Valley because of its booming startup scene and tech industry, Bengaluru is projected to have a growth rate of 8.5%
Other cities that are amongst these top 10 include Hyderabad, Nagpur, Tirupur, Rajkot, Tiruchirappalli, Chennai and Vijayawada.
The Global Picture
India’s dominance in the list of the fastest-growing cities in the world is a sign of how economic might is shifting from west to east.
According to the report, the combined GDP of countries in Asia will overshadow the combined GDP of European and North American countries by 2027. By the year 2035, the combined GDP of the Asian countries will be 17% higher than the latter.
Chine is leading that change. While today on Shanghai finds a place in the list of top 10 cities in terms of GDP, by 2035, it will be joined by Guangzhou, Beijing, and Shenzhen.
| Rank | City | GDP growth %y/y |
|---|---|---|
| 1 | Bengaluru | 8.5 |
| 2 | Dhaka | 7.6 |
| 3 | Mumbai | 6.6 |
| 4 | Delhi | 6.5 |
| 5 | Shenzhen | 5.3 |
| 6 | Jakarta | 5.2 |
| 7 | Manila | 5.2 |
| 8 | Tianjin | 5.1 |
| 9 | Shanghai | 5 |
| 10 | Chongqing | 4.9 |
By the year 2035, the city of Bengaluru in Karnataka will have a year on year GDP growth of 8.5%. This makes it the city with the highest year on year GDP growth.
It is interesting to note that the Global Cities report puts the world economy growth at 2.6%. Bengaluru will be followed by Dhaka, Mumbai, and Delhi.