New York, Tokyo, London, and Los Angeles are the world’s largest cities in terms of economic output. They are predicted to stay at the top for another couple of decades. But Asian cities are growing fast and the epicenter of global economic output is rapidly shifting from the West to Asian countries. A study recently conducted by Oxford Economics ranked the fastest growing cities in the world in terms of GDP growth between 2019 and 2035.
Top 10 fastest growing cities: All of them are in India
All of the ten fastest growing cities are from India. In fact, Oxford Economics said 17 of the top 20 fastest growing cities belong to the South Asian nation. The economic output of many of these cities will remain small compared to big Western cities such as New York and London. But Oxford Economics predicts the combined GDP of all Asian cities will overtake the combined GDP of all European and North American urban centers by as early as 2027.
Richard Holt, the head of global cities research at Oxford Economics, said India will dominate the global economic growth over the next couple of decades. The research group analyzed 780 cities to compile this list. Holt said cities – which are expected to grow at 2.8% a year between 2019 and 2035 – will drive global economic growth.
According to the International Monetary Fund, India has replaced China as the world’s fastest growing economy. Driven by a favorable demographic profile, economic reforms, strong domestic consumption, and foreign investments, India accounts for 15% of the global economic growth. It’s no wonder then that ten of the fastest growing cities in the world are all from India. Here’s the list, according to Oxford Economics.
10- Vijayawada, India
Vijayawada in the southern state of Andhra Pradesh also happens to be one of the world’s most overcrowded cities. Research firm McKinsey has described it as the “Global City of the Future.” Located on the banks of Krishna River, Vijayawada has a population of 1.9 million. According to Oxford Economics, its GDP would grow at an annual rate of 8.16% between 2019 and 2035. It means its GDP will go up from $5.1 billion in 2018 to $21.3 billion in 2035.
9- Chennai, India
The southern port city of Chennai has become an important IT and automobile hub of Asia. Its GDP is estimated to go up from $36 billion in 2018 to $136.8 billion in 2035, averaging an annual growth rate of 8.17%. A large part of the city was submerged during the 2015 floods that killed almost 300 people and damaged property worth over $1 billion.
8- Tiruchirappalli, India
The ancient city of Tiruchirappalli is located about 200 miles away from Chennai. It’s a major industrial center in the state of Tamil Nadu. Tiruchirappalli is also home to some of the most prestigious educational institutions such as the Indian Institute of Technology (IIT), Indian Institute of Management (IIM), and National Institute of Technology (NIT). As per Oxford Economics, its GDP is projected to grow at 8.29% a year.
7- Rajkot, India
Rajkot is located in the western state of Gujarat. Its GDP is projected to grow at an average annual rate of 8.33% between 2019 and 2035. The city is estimated to have a population of 1.2 million. Rajkot was home to Mahatma Gandhi.
6- Tiruppur, India
Tiruppur is the third city from the state of Tamil Nadu to feature among the world’s fastest growing cities. It’s a major textile hub, accounting for nearly 90% of India’s cotton knitwear exports. The city has many special industrial parks to support its textile industry. Oxford Economics projects its GDP to grow at an average of 8.36% between 2019 and 2035.
5- Nagpur, India
Nagpur is the winter capital of the state of Maharashtra, and it’s one of the most livable cities in India. According to Oxford Economics, its GDP will jump from $12.3 billion in 2018 to $48.6 billion in 2035. It is projected to grow at an average rate of 8.41% per year.
4- Hyderabad, India
Hyderabad, one of the biggest technology centers in India, is the capital of Telangana. It was historically a pearl and diamond trading center, but it has transformed into a major technology hub in the last couple of decades. Almost every big global technology player such as Microsoft, Google, Facebook, Amazon, Apple, IBM, and others have development centers in Hyderabad. Its GDP is projected to grow at 8.47% per year between 2019 and 2035. According to Oxford Economics, Hyderabad’s GDP will jump from $50.6 billion in 2018 to $201.4 billion in 2035.
3- Bengaluru, India
Bengaluru, often described as the Silicon Valley of India, is the world’s third fastest growing city with an average rate of 8.5% per year between 2019 and 2035. Its growth is largely driven by infrastructure, technology, and startups. Oxford Economics projects Bengaluru’s GDP to rise from $70.8 billion in 2018 to $283.3 billion in 2035.
2- Agra, India
Located close to India’s capital New Delhi, Agra is the home of the iconic Taj Mahal. It also happens to be one of the world’s most polluted cities, according to the World Health Organization (WHO). Oxford Economics projects Agra’s GDP to grow at an annual average rate of 8.58% between 2019 and 2035.
1- Surat, India
Surat is the world’s fastest growing city, according to Oxford Economics. Its GDP is projected to grow at 9.17% per year, rising from $28.5 billion in 2018 to $126.8 billion in 2035. Surat is known for its textile and diamond processing industries. It also has a booming IT sector. According to Demographia, Surat is also one of the world’s most overcrowded cities with a population density of 26,600 per square kilometers.