Despite facing challenges from fast-growing cities in emerging markets,
London’s status as one of the
top city economies of the world looks set to continue and improve, according to
new research published in the latest
UK
Economic Outlook by PricewaterhouseCoopers.
PwC found that London was the sixth largest city economy in the world by
estimated GDP at purchasing power parities in 2005, but should rise to fourth
place by 2020, overtaking Paris and Chicago.
Tokyo, New York and Los Angeles are expected to be ahead of London in 2020,
but London’s economy is projected to grow faster than any of these cities,
driven in particular by strong growth in business and financial services.
At present, the mega-cities of the major developed economies continue to lead
the global
GDP rankings, with the top six in 2005 being Tokyo, New York, Los Angeles,
Chicago, Paris and London.
Further reading:
Treasury to promote London as Islamic finance centre