GDP growth forecast for 30 Asian cities predicts Indian cities are set to grow the most across the region, with Delhi being the fastest growing city in Asia over the next five years.
India's capital Delhi has been pegged as the fastest growing city in Asia, ahead of Chinese cities like Shanghai, Beijing and Shenzhen. The city's economy is projected to be almost 50 percent larger in 2021 than in late 2016. Besides Delhi, other Indian cities also feature in the list of fastest growing Asian cities, as per a study by Oxford Economics.
The average annual GDP growth to 2021 has been forecast between six and eight percent for Delhi, Hyderabad, Mumbai, Chennai and Bangalore in India. Among Chinese cities, Beijing, Guangzhou, Tianjin and Shanghai are the top-rated cities in terms of rate of growth. But overall expansion of China will slow.
Delhi will surpass the fastest growing Chinese city Tianjin by almost two percent as the Indian capital is projected to grow at 8.5 percent a year, compared to Tianjin's 6.4 percent growth rate.
The only two cities outside India and China which feature in the list are Manila and Ho Chi Minh City.
The other Asian cities with growth rate of four to six percent are Jakarta and Kuala Lumpur.
Brisbane, Singapore, Bangkok, Hong Kong, Seoul and Taipei figure in the list of the cities projected to witness two to four percent growth.
Some of these cities like Singapore and Hong Kong are already known for being among the most expensive cities in Asia, with sky-high property rates.
Japanese cities like Tokyo, Yokohama and Osaka, which are currently facing demographic challenges and a shrinking pool of working population, are likely to remain at the bottom. Osaka stands last in the rankings as its working-age population is shrinking.