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.
