March 12, 2012 12:00 PM
By Francesco Vanni d Archirafi, Chief Executive Officer, Citi Global Transaction Services
With more than half of the world's population now living in urban areas, cities are more important than ever to the world's societal and economic development. For most countries, economic success today hinges on the performance of their cities, as they together generate 80% of the world's GDP; for most global businesses and therefore our clients, expansion strategies are increasingly shifting from a country perspective to a city perspective. And as mass urbanization continues across the world, particularly in growth economies, cities will wield greater and greater influence in the coming years.
Rise of the City
This rapid rise of the city brings many new questions for our stakeholders, such as:
- Where will the most competitive cities and new economic powerhouses emerge?
- How will cities in the developing world differ from those in the developed world?
- What changes in infrastructure will be needed to accommodate millions of new citizens?
- How can businesses scale quickly to serve such immense populations?
To answer some of these questions, Citi commissioned the Economist's sister organization, the Economist Intelligence Unit, to research and compile a comprehensive report that ranks the competitiveness of 120 of the world's top cities.
The report, entitled Hot Spots, examines the many dimensions of cities as drivers of growth. It considers how newly emerging cities compete with more developed cities, reviews where the global centers of growth are likely to be found in coming years, and explores the link between talent and competitiveness. The report was released today in New York City with remarks by Citi CEO Vikram Pandit and NYC Mayor Michael Bloomberg. New York City was voted the number 1 Hot Spot.
Citi on Cities
This report was commissioned to:
- Enhance understanding of market competitiveness
- Identify areas where growth, talent, and opportunity are likely to be found in the years ahead
- Determine the ways in which cities can enhance their competitiveness to enable economic progress and growth
Cities matters to Citi. Cities are where our clients are, where the talent is and where we can foster progress and create value. Through Citi for Cities and other initiatives, we are transforming the ways in which cities operate and develop. We are working with clients and public and private sector partners in cities around the world on initiatives that enhance city growth by strengthening public services, facilitating commerce, expanding financial inclusion, and harnessing advancements in digital, mobile, and card technologies.
Hot Spots will further help enable economic progress and support our partners and clients on their journey from ambition to achievement. To read the report, click here.