Shift in global economic power to change travel patterns

Travel News 15 Nov 2016

In the recent GTMC (Guild of Travel Management Companies - the major UK-based association representing TMCs) Conference in London, the guild discussed on the recent Research by Oxford Economics. The research institute predicts a shift in the economic power and influence of ‘global cities’ over the next decade. The study was conducted by the world’s 770 largest cities by population, forecasting their annual growth from 2015-30.

Director Anthony Horned pointed out that African cities are leading the way in annual average growth for GDP – just under 5% – and employment. These are followed by the key cities in Asia, then the Middle East. Europe comes bottom of the chart.

This shift also appears in the top 50 cities by GDP: from 2014 to 2030, China is predicted to gain 5 new cities in that time, while Europe loses four.  

A global map of urban industrial employment showed a general European decline while jobs grow almost everywhere else, particularly in regions such as Middle East, India and south-east Asia.