Top 10 Fastest Growing Cities
Macao, Izmir, Bursa and Xiamen aren’t the best-known cities on the planet, but they are among the 10 fastest growing cities in recent years. The results of a study of more than 300 cities of the US research center Brookings Institute show that five of the ten with the greatest economic growth are in China, four in Turkey and the rest is Dubai.
Unlike what we might think: Tokyo, New York, Paris and London haven’t had the same levels of growth as these other cities in developing countries. Despite being some of the richest cities on the planet, the comparison is made from economic growth and not wealth. The GDP per capita growth reflects the city’s average income and the employment growth reflects the economic impact; so in both measures these cities surpassed those of developed countries.
Let’s take a look at the 10 fastest growing cities in the world!
Fuzhou is the capital of Fujian province, in the People’s Republic of China. It’s located on China’s east coast, just 249 kilometers from Taiwan. Therefore, it has benefited from the economic relationship between the island and China, becoming the political, economic and cultural center of the province; as well as an important industrial center and seaport.
Fuzhou has a population of 7.2 million and its GDP per capita growth is about 8%. It’s an industrial center specialized in chemicals, food and textiles; but the sectors that have grown the most in recent years are the entrepreneur, financial and professional.
The ninth position is occupied by Ankara, the capital of the Republic of Turkey. It has a population of 5 million inhabitants and it’s the seat of the parliament, ministries and diplomatic delegations. What makes Ankara part of these top 10 of fastest growing cities is that it’s an important industrial and commercial center, strategically located in the national transport network.
Turkish cities, in general, are growing a lot thanks to a strong investment in infrastructure and construction. The manufacturing sector in Ankara, in particular, has experienced significant growth in employment and industry over the last few years.
The next city in this list of 10 fastest growing cities also belongs to Fujian, China. It’s Xiamen, which has more than 3 million inhabitants. It was considered the best city of China in 2006 and the most romantic city in 2011. Thanks to this last reason, the GDP per capita growth of the city increased in 2014 and was about 8.6%.
Xiamen is one of China’s largest manufacturing centers and one of the nation’s fastest growing cities in the last century.
Hangzhou is the capital and largest city of Zhejiang province in the People’s Republic of China. This city had GDP per capita growth of 7% and employment of 3.3% in 2014, the highest among the cities of China, which makes it one of the fastest growing cities in the country.
Hangzhou, in addition, has experienced a great growth of the business, financial and professional sector and it’s an important center of electronic commerce. An example of this is the fact that it’s the global headquarters of Alibaba Group.
The fifth position of these top is also occupied by a Chinese city: Kunming. This is the largest city and capital of Yunnan province; it has more than 4 million inhabitants and a climate by which the city has earned the nickname “Chuncheng”, city of spring.
Kunming has a high GDP per capita growth with 8.1%, although in terms of employment 2.9%. However, it has become a center of transport and tourism for all Southeast Asia besides being the headquarters of important universities. Today is the Chinese city with the best economic performance and therefore, one of the fastest growing cities in the country.
Dubai is one of the seven emirates of the United Arab Emirates (UAE). It has a population of more than 3 million people; hence, it’s included in this list of the fastest growing cities as the most populated city in the UAE with GDP per capita growth of 4.7% and employment of 4.5%.
Dubai in the last decade has become a global hub for transport, trade, tourism and professional services.
The next position on this list of 10 fastest growing cities is Bursa, and it’s due to its automotive industry. Bursa is located in northwestern Turkey and it’s the fourth largest city in the country, with almost 4 million inhabitants.
This city is known internationally as an important center of automotive production. In addition, it’s nicknamed as the Detroit of Turkey as there is a strong presence of large multinationals such as Renault and Fiat. All this has contributed to its strong employment rate.
Istanbul is the most populated city in Turkey and the historical, cultural and economic center of the country. It has more than 14 million inhabitants and it’s the second city in the country in terms of job creation with a very important diversified economy in the services, tourism, commerce and manufacturing sectors.
Istanbul represents a quarter of Turkey’s economy. For this and the above, it’s considered one of the fastest growing cities in the world.
Izmir is located on the west coast of Turkey and it’s the third largest city in the country with more than 4 million inhabitants. It’s part of these top 10 of fastest growing cities because, globally, it’s the second city that has grown the most in economic terms, surpassed only by the Chinese city of Macau.
Izmir has been a commercial center since the 17th century with access to the Mediterranean and the Aegean Sea. The government has used this location for the promotion of industrial zones. This is not only the city where employment grew the most in 2014, but during 2009-2014 it was the second, which shows its solidity and economic continuity.
1. Macau, the fastest growing city in the world
Macao, with a GDP per capita growth of 8% and an increase in employment of 4%, tops this list of the 10 fastest growing cities; the city grows above the country’s economy. Of course, its low population of approximately 500 thousand people favors this success. But the big reason behind it lies in that it’s the only place in China where casinos are legal.
This small territory has become the China’s gambling center. This has attracted the investment of multinationals like Wynn, Sands and MGM and contributed decisively to its phenomenal growth.