Dubai among world’s top 10 fastest growing city economies

Dubai has been ranked among the top 10 cities that are powering economic growth within their nations, according to a report by the Brookings Institution.

The report ranked the emirate fifth worldwide for 2014, up from 18th position in the previous year.

Dubai’s growth was boosted by a 4.7 per cent annual rise in employment, the report found.

The city also recorded the fastest growth relative to its national economy with a 4.5 per cent rise in GDP per capita, versus 1.6 per cent growth for the United Arab Emirates as a whole.

Overall, the report found that economic activity and growth in 2014 remained disproportionately concentrated in the world’s major metropolitan areas.

The 300 largest metropolitan economies housed 20 per cent of both the world’s population and its employment.

The report also found that developing metropolitan economies were growing much faster than their more developed peers.

TOP 10 FASTEST GROWING CITY ECONOMIES IN 2014

(Source: Brookings analysis of data from Oxford Economics, Moody’s Analytics, and US Census Bureau)

1. Macau

Region: Developed Asia-Pacific
Annual change in GDP per capita: 8%
Annual change in employment: 4.2%
Annual change in ranking: None

2. Izmir, Turkey

Region: Eastern Europe and Central Asia
Annual change in GDP per capita: 2%
Annual change in employment: 6.6%
Annual change in ranking: +4

3. Istanbul, Turkey

Region: Eastern Europe and Central Asia
Annual change in GDP per capita: 2%
Annual change in employment: 6.5%
Annual change in ranking: +49

4. Bursa, Turkey

Region: Eastern Europe and Central Asia
Annual change in GDP per capita: 1.8%
Annual change in Employment: 6.4%
Annual change in ranking: None

5. Dubai, United Arab Emirates

Region: Middle East and Africa
Annual change in GDP per capita: 4.5%
Annual change in employment: 4.7%
Annual change in ranking: +13

6. Kunming, China

Region: Developing Asia-Pacific
Annual change in GDP per capita: 8.1%
Annual change in employment: 2.9%
Annual change in ranking: –4

7. Hangzhou, China

Region: Developing Asia-Pacific
Annual change in GDP per capita: 7%
Annual change in employment: 3.3%
Annual change in ranking: +8

8. Xiamen, China

Region: Developing Asia-Pacific
Annual change in GDP per capita: 8.6%
Annual change in employment: 2.6%
Annual change in ranking: None

9. Ankara, Turkey

Region: Eastern Europe and Central Asia
Annual change in GDP per capita: 1.1%
Annual change in employment: 5.7%
Annual change in ranking: +29

10. Fuzhou, China

Region: Developed Asia-Pacific
Annual change in GDP per capita: 8%
Annual change in employment: 2.7%
Annual change in ranking: +1