Cities face global challenges, but many outperform

2022 is proving to be a very disappointing year for global GDP growth, with risks that the outlook could worsen. But many cities are out-performing their national economies. Some are seeing strong rebounds in tourism and hospitality; a few are helped, not hurt, by higher global commodity prices, whereas others face manufacturing challenges. For Chinese cities the pandemic is still a big problem, but fortunately inflation is not the issue that it is elsewhere.

What you will learn:

• Examples of US metros forecast to outperform the national economy in 2022 include New York and Los Angeles, but it is the tech metros that stand-out, along with cities that are benefiting from strong growth in domestic tourism.
• In Asia Pacific some cities such as Singapore are experiencing consumer recoveries in 2022, while others such as Hong Kong must wait until 2023.
• In Europe structural factors explain most differences in medium term prospects, with central and eastern European cities gaining from low costs and significant scope for productivity catch-up.