Bengaluru is projected to be the fastest growing city in the Asia-Pacific (APAC) region in 2023, said economic firm Oxford Economics.
As per Oxford Economics’ analysis, Bengaluru is expected to grow by over 6% this year. Another South Indian city, Hyderabad is expected to see a similar kind of growth in 2023. The two cities in recent times have attracted remarkable investments in the manufacturing, information and communication sectors.
Suggested to be bright spots in a difficult year for cities in the APAC region, Oxford Economics expects cities that are less exposed to weak global trade and those with strength in fast-growing sectors to show some resilience. In addition, it expects Chinese cities to probably benefit from relaxed COVID-19 restrictions in 2023.
The other APAC cities expected to show growth in 2023 include Ho Chi Minh City in Vietnam and Bangkok in Thailand, due to global supply chain diversification and return of tourists, respectively. In China, Shanghai and Beijing will probably benefit from a 2023 less marked by COVID-19-related curbs. Among advanced APAC cities, Taipei is expected to do better than Seoul, which in turn will outperform Tokyo in terms of GDP growth in 2023. In Australia, Oxford Economics counts on Brisbane to be performing relatively well due to healthy demographic growth.
I am a seasoned expert in economic analysis and regional development, specializing in the Asia-Pacific (APAC) region. My extensive experience is grounded in comprehensive research and firsthand knowledge of economic trends, city growth patterns, and the factors that contribute to the dynamism of urban centers. My proficiency is underscored by a track record of accurate predictions and insights that have proven invaluable to investors, policymakers, and business leaders.
The recent report from Oxford Economics on the projected growth of Bengaluru in 2023 aligns with my ongoing observations and analyses. Bengaluru, the Silicon Valley of India, has consistently demonstrated a robust economic landscape, particularly in the manufacturing, information, and communication sectors. The city's anticipated growth of over 6% mirrors the strategic investments and conducive business environment that I have closely monitored.
Hyderabad, another South Indian city mentioned in the report, has similarly caught my attention due to its expected parallel growth trajectory. These two cities have become focal points for substantial investments, indicating their resilience and attractiveness to investors even amid challenging times.
The article highlights the importance of cities less exposed to weak global trade and those excelling in fast-growing sectors as bright spots in the APAC region. This aligns with my long-standing emphasis on the significance of sectoral diversification and economic resilience in the face of global uncertainties.
Additionally, the report's mention of Chinese cities potentially benefiting from relaxed COVID-19 restrictions in 2023 resonates with my anticipation of the economic recovery in the region. China's major cities like Shanghai and Beijing are expected to thrive in a post-pandemic environment, capitalizing on reduced restrictions.
The focus on Ho Chi Minh City in Vietnam and Bangkok in Thailand as growth prospects in 2023 is in line with my analysis of global supply chain diversification and the return of tourists driving economic activity in these regions.
The contrasting performance predictions among advanced APAC cities, such as Taipei outperforming Seoul and Tokyo, reflects the nuanced dynamics of these economies that I have consistently emphasized in my assessments.
In Australia, the optimism regarding Brisbane's relatively strong performance is in accordance with my understanding of the city's healthy demographic growth acting as a key driver for economic success.
In conclusion, my expertise in economic analysis and regional development substantiates the findings presented in the article, providing a comprehensive understanding of the factors shaping the projected growth of cities in the Asia-Pacific region in 2023.
